GRAPHICS PRO

December '20

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A W A R D S & C U S T O M I Z AT I O N T H E R I S I N G T I D E O F B U S I N E S S 6 0 G R A P H I C S P R O D E C E M B E R 2 0 2 0 G R A P H I C S - P R O. C O M are charging the correct amount for the work you are putting in. As we close out the year, this is a perfect time to get a good overall view of the costs and find as many unintended costs as you can through the shop rate and the average production time per item. 2 COST-SAVING TIPS As we near the end of the year, there are two other areas we can look at as a busi- ness to potentially cut some costs and save money. The first is Section 179. If you go to www.section179.org, you can get all the details, but I advise you to check with your tax advisor first. The general idea of Section 179 is it is a tax code created to help businesses by al- lowing us to deduct the full amount of the purchase price of equipment (up to certain limits). Section 179 is a fantas- tic incentive for businesses to purchase, finance, or lease equipment during the 2020 calendar year. This might be an opportunity to up- grade your equipment, which could speed up your production, get off-the-shelf soft- ware, or even do some improvements to your building if it is a stand-alone business property. Again, the first thing to do here is to contact your accountant or financial advisor as they will be able to tell you what would work and not work for your busi- ness specifically, but it is worth having a conversation with them today. The last section I want to talk about when it comes to costs in our business is finding those hidden unneeded costs like things you buy because "that is just the way we have always done it," or even employee incentives that the employees don't care about. All businesses have costs that they could do without, but it is not as easy as just canceling or cutting it off. You think you are saving money, but really at the end of the day, it is costing you more. First, look at your overall financial pic- ture. What are the things you could do

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