How to reduce business expenses through government funding
Grant Types #5: Reducing expenses of the business
The following is an excerpt from the Top 5 Government Grant Types in relation to reducing business expenses for energy, IT, digital solutions, staffing, rent, financial and insurance.
The Entrepreneurs program is again helpful for the larger small businesses that are eligible. In this case, as part of the Business Evaluation service, the business owner can use the advisor to help benchmark existing expenses against what might be achievable. Additionally, the advisor can work with the owner over 12 months to help mentor and coach the owner to make the changes needed to improve the business and capture savings.
The latest information on this grant is available here www.business.gov.au/Grants-and-Programs/Business-Evaluation
Many states and some local governments also provide advisory and specific expense reduction grants and services. Check out the incentives available for energy expenses as one example and the services to compare the costs of business finance that some States provide from their business websites.
A final couple of areas to look at:
- Firstly, if your business is exporting or selling to overseas customers, you may be eligible to get back some of your promotion and marketing expenditure through the EMDG. (See one above). As your accountant for their view.
- Secondly, if some of your expenses for staffing and other areas are involved in eligible research and development activity, you may be able to get around 40% up to a limit of these expenses back. You can learn more here; www.ato.gov.au/business/research-anddevelopment-tax-incentive/about-the-program again, seek your accountant’s point of view.
Why leave money you are entitled to on the table?
See the full range of government services and support for businesses on business.gov.au.