Although the wireless phone bill is a significant monthly expense for many companies, the bill generally receives only a routine examination. But a close reevaluation of a business’s mobile phone plan could lead to substantial savings. Diana Ransom of Entrepreneur offers this suggestion:

“The mere act of calling your provider and asking about a better deal can yield improved terms and price breaks – especially these days, says Paul J. Rauseo, the managing director of George S. May, a small-business management consulting firm in Chicago. “Thanks to the downturn, carriers are trying even harder to keep your business,” he says. “They’re offering shorter contracts, reduced rates. And free phones are pretty much up for grabs.”

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Handling credit card payments is a challenge for many small business owners. Although customers often prefer this method of payment, high processing costs and cumbersome administrative processes have prevented many businesses from accepting credit payments. However, there is good news for businesses on this front. Recently, many alternatives low cost credit card processing options have emerged for business owners.

Jennifer Alsever for CNNMoney.com has outlined several ways businesses can take advantage of new technology to affordably process credit cards in her article “Turn your iPhone into a credit card terminal”. In an interview with Pat Jackson of Jackson Comfort Systems, Alsever discovers some new services:

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Keeping your employees positively engaged in a down time can keep your business on track and moving forward. Sarah Needleman from the Wall Street Journal reports on a few ways to boost morale during winter months.

“Oftentimes simple gestures can make a positive impact on the way employees feel about their jobs. Here’s how to let your staff know their contributions matter.”

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For many companies, business travel comprises the largest discretionary expenses. Inspired by the recession, some companies have capitalized on technological innovations in videoconferencing to realize substantial bottom-line savings. As NPR reports:

Growing Internet bandwidth and advances in high-definition video have combined with the need to cut costs in recent years at companies such as Genworth, causing them to fundamentally change the way they do business. It’s part of a paradigm shift that Tracy Paurowski at American Express Business Travel calls the “new normal.”

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In the wake of the economic downturn, the travel industry changed the way they attract customers and grow their bottom line. Airlines have cut flights, traded up partners, and are using social media to advertise late ticket prices. The New York Times gives out 10 tips for successfully changing your travel habits to get the most out of the new travel landscape.

Consider Nearby Airports
A recent Web search showed nonstop flights from Los Angeles International Airport to Miami International from $299 round trip on American in early January. But flying into Fort Lauderdale, roughly 30 miles north of Miami, was $219 on Virgin America, an $80 saving.

 

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Many small business owners take advantage of the holidays to plan for the year ahead. As reported in The Wall Street Journal, the new year means change and a fresh beginning for many after a turbulent 2009:

Amber O’Neal, owner of Café Physique LLC in Atlanta, is revising her business model after a particularly difficult 2009. When the company started in 2006, Café Physique’s nutritionists and fitness instructors provided training services directly at clients’ homes.

As the business grew, Ms. O’Neal opened a small fitness studio to complement the in-home training. She upgraded to a larger facility in early 2009, in tandem with the demand.

 

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As 2009 closes in just a few days, there are some important tax changes that will help you save money and prepare to file your 2009 tax return in the spring. We have summarized many of the major changes in our blog post, “Tax Planning Strategies & Year-End Considerations” in November, and since it has been one of our most popular posts, we’ve reposted it here and encourage you to review this information again before starting the process for your 2009 tax return.

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Some business owners who were worried about losing customers are now dropping those who are too demanding or pay late. The Wall Street Journal reports on how cutting off customers might improve your business.

As a result, by eliminating 5% of her clientele this year, the 36-year-old is saving 20% more of her time while the Web-site development firm’s 2009 revenue is on track to rise 10%. “It was the best decision I’ve made, because it really reduced the level of frustration that I was experiencing,” Ms. Rogers says. “It freed me up to the clients that are loyal and pay on time.”

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Many companies must reinvent themselves or sink during the recovery. CNN Money tracks the trials and turnaround of PaverStone, an Ohio-based upscale patio design firm.

Launched during a national home-improvement boom, PaverStone was an instant success, designing and building lavish patios for affluent suburban homeowners in Columbus. To keep costs low, Draughon initially used prison inmates in a work-release program as laborers; later he hired and trained his own crews, mostly made up of immigrants from Mexico (all of them documented, he says).

Revenues topped $500,000 in 2006. Draughon had a new business, a new house and a new car, plus a new baby — his third with his wife, Isabel.

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As the end of the year approaches, now is the time to evaluate your business and your personal tax strategies. By taking the time to prepare now, using this checklist, you will be able to develop a clearer picture of what your tax picture will look like while there’s still time to maximize current-year savings.

Retirement Planning

Look to maximize tax-deductible retirement plan contributions. The following table provides the maximum amounts that can be deferred under several popular retirement plan options during 2009.

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