There's no two ways about it: running a small business can be hard. Without the infrastructure enjoyed by larger corporations and the challenges that come from an economy still finding its feet, small business owners need all the help they can get when it comes to managing money. Below, you'll find tips and advice we think you might be able to apply to your own operation throughout 2014. We believe that every little bit of savings counts, and by implementing the methods detailed in this article, you have a better chance of being in the black this year.

Keeping An Eye On Credit Cards

Credit card processing fees can be cost prohibitive for some businesses. If yours accepts credit cards, you're entitled to request an annual fee reduction. Unfortunately, asking for a reduced rate doesn't necessarily mean you'll receive said rate. In that event, you can still talk to a representative from your provider to try to get the cheapest rates possible. In fact, sometimes working with two credit card processing companies can be to your advantage, as it puts you in a position to pit them against each other. See which of the two offers your business the best rate; and if one is providing you with a rate more competitive than the other, simply drop the processor who isn't working to give you the best price. One simple way to save your small business money is by taking a close look at its monthly credit card statements. With all the expenses that come from owning and operating a business, it can be easy to overlook being charged for recurring payments that should have been discontinued. Examining your charges can also shed light on double payments or stale payments related to your company.

Business Practices That Work

With digital devices and other forms of electronics becoming more prevalent in the workplace, the amount of paper your business uses has probably declined over the last several years. By continuing to avoid using paper, you can save money and have more space around the office to use for something besides filing cabinets. Maintaining healthy relationships with the companies your business works with can save you money. If your business works with vendors, demonstrating your loyalty by partnering with them over a period of time will likely make it easier for you to negotiate prices. You can employ other methods that, initially, may seem counterintuitive to saving money, but do actually work. For example, by providing your employees with a retirement plan, you not only make employees feel appreciated, but your business can also qualify for tax credits that can help save money. Donating to charity is another way to get something back by giving something first. Donations, whether of money or goods, can be claimed as deductions. Just make sure to save any receipts and documentation that comes with donations for use on your annual tax return.

Please don't hesitate to get in touch with us if you have any questions about how these tips can be applied to your business.