Reduce your legal and accounting costs
Every dollar counts when you’re running a business.
While entrepreneurs need the professional services of accountants and lawyers, we must embrace techniques to minimize costs. Consider these tips to help reduce the amount of money your business pays in professional fees.
Do your homework
If you hand an accountant a shoebox full of receipts, or ask a lawyer to create a document from scratch, those professionals will need to do more work on your file – which will cost you more money.
“If you want a lawyer to create a new sales contract for your company, write down some of the points you'd like to see included in the document," suggests Albert Luk, a lawyer at Devry Smith Frank LLP.
“Communicating upfront what you want in the document will reduce the back and forth correspondence between you and your lawyer, and save you time and money,” he says.
Share your budget
Consider disclosing your budget upfront. That information should allow a professional to openly communicate what he or she can or cannot do for the amount of money you have available.
Vote with your wallet and your feet to get the best value for your professional services budget. Identify and approach at least three vendors to obtain pricing – and make your move to the supplier offering the best deal.
“Ask different lawyers within the same specialization to quote their fees on the legal work you want completed," encourages Luk.
Responsible business owners look at all expense categories to find savings. Use the new Scotiabank Better Business Banking Tool to explore easy ways to reduce costs.
Got any tips to reduce business costs? Please share them below.
By Roger Pierce