PTAG’s Barry Sharpe gives Herald readers advice on how save money in their businesses
August 30, 2010Category: Uncategorized — Tags: Barry Sharpe, Miami Herald, Miami PR, Miami PR Agency, Miami Public Relations Firms, PTAG, PTAG Public Relations, Small Business PR, Small Business Savings, Vine Communications — vineinc @ 9:55 am
MY VIEW
Big savings for small business owners
BY BARRY SHARPE
Special to The Miami Herald
Now more than ever, saving money and cutting expenses is a priority for all small business owners. Whether it’s renegotiating the lease for your store, or appealing your annual real estate property taxes to ensure that you are not being overtaxed, practically everything these days is negotiable, and saving money is easier than you think.
When it comes to cutting costs in your business, one area to revisit is your property insurance. In addition to coverage of expenses associated with damage caused by fire, accidents, unexpected acts of nature or theft, business owners often times elect to cover all of their office equipment as well. This can be very costly and unnecessary in certain circumstances. Removing critical items like computers or a phone system is never recommended. However, one can reduce their insurance premiums by eliminating insurance coverage on inefficient or outdated machines and equipment.
Rent is another big expense for small firms, but it’s negotiable — especially in today’s market.
Find out what office rentals are vacant in the area, and present the comparable rentals to your landlord or the management company to argue for a reduction.
The only downside is that you need to be prepared to walk if they won’t budge. Yes, this might initially seem more costly with moving expenses, but in the long run, you’ll be saving thousands and thousands of dollars.
If you are paying annual property taxes on any real estate that you or your business owns, you may be entitled to a significant refund of money by appealing your property taxes. With a minimal cost to file an appeal with the county, and knowing that the results from the appeal cannot increase your taxes, there is little risk. The most common approach to appealing your taxes is by using comparable sales of nearby and recently sold property to argue that the county is over-assessing the value of your property.
However, it may be difficult for property owners to find relevant and accurate comparisons.
Now more than ever it’s important to run your business with the same entrepreneurial spirit that forced you to go out on your own in the first place. Be proactive and get back to the basic business principle of keeping your overhead low and morale high.
Barry Sharpe is president of the Property Tax Appeal Group, a South Florida based property tax appeal company.
The Miami Herald
Read more: http://www.miamiherald.com/2010/08/30/1795750/big-savings-for-small-business.html#ixzz0y6KqRQWK
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