I'm just a sole proprietor and don't have any other employees (yet), plus I live in Canada, so my tax breaks and accounting practices are different than in the U.S., but I think I have learned a few ways to save money for myself.

1) Advertising costs: Network, network, network. Sometimes the cost of being in a trade show for example, can seem high at first...and perhaps the benefits don't seem too great...because it's just amongst one's peers. On the other hand, in my industry, 'word-of-mouth' is pretty valuable, and it's amazing the amount of business that can come one's way through the recommendations of one's peers. Seeing the future value of what may seem intangible in the present has been very cost-saving to me.

2) Hire a professional accountant: No matter how "hands-on" we want to be, we don't all necessarily specialize in that stuff, and it's incredible - the amount of business expenses we're not aware we can claim come 'tax time'. Everything from the kitchen sink to the new business equipment...unless one's business is actually accounting or bookkeeping...there's no way one could possibly know all the expenses one can deduct in a year.

3) Research before you buy new equipment: Being in the 'virtual assistant' business, it's very tempting for me to want to buy the latest software and hardware technologies, perhaps because someone told me about it, or I heard it was the 'must-have' of the season. I recommend stepping back and really thinking about major purchases before one goes out and buys them. 'Built-in' obsolence is something we should all take into consideration before making any major expenditures.

4) Shop around, and then shop around some more: No matter what services, equipment or supplies I'm looking for...I learned the hard way not to take the first good deal that came my way. Just like shopping for a mortgage...it's amazing how competitive the rates can be, and actually how much they can come down when you've done your homework and can quote to "A", that "B" offered the same...at a lower price or interest rate.

I try to keep in mind that old saying: "buyer beware" and apply it to my business at all times. I guess it always seems to boil down to good old-fashioned common sense. I try to run my business the same way I try to run my household.

Just some of my thoughts...