5 Massive Cash Wasters for Small Business

Once it comes to the bottom line, sweat the little stuff.

If you’re not careful, expenses big and little could add up. Remain in the dark by cutting down on those top drains on cash flow.

Work at home if you are not meeting customers daily, rent space get the most out of online meetings and telephone conferences. —Angel Radcliffe, CAS Consultants

2. Travel and conferences

If attending a seminar, set up meetings with possible or current customers. Book meetings throughout private travel as well, even if only for a day, to write off a part of your expenses. —Angel Radcliffe

Cancel no-longer-used software programs, and prevent luxury computer software purchases–if you are able to use Excel Salesforce isn’t needed by you. —Michael Hammelburger, PL Consulting, along with Darryl Glover, Global Portfolio Management Systems

Clear out unwanted inventory and donate it to charity for a tax deduction under IRC Section 170(e)(3). Corporations, partnerships, and LLCs qualify for straight cost deductions; businesses and C businesses can receive up to a deduction that is twice-cost. —Gary C. Smith, National Association for the Exchange of Industrial Resources

5. Here-and-there expenditures

Business buys that are small–from pens that are new to desk seats to job listings–may seem insignificant, but they add up fast when they are not being monitored by anybody. Track every dollar spent. —Jim Morris, president and creator of The Alternative Board Tennessee Valley

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