6 Great Ways Your Business Can Save in 2023

For most companies, keeping expenses low is essential to success. Even after all the recent inflation, there are many ways to save money and enhance your business’s financial health. 

At LG Resources, we are excited to share some great ways your business can save this year. From tax credits to cost mitigation and innovative employee benefits, we have you covered. 

The Employee Retention Credit (ERC) Tax Credit

In 2023, there’s still time to claim the lucrative Employee Retention Credit (ERC). This tax credit rewards employers who retained employees during the COVID-19 pandemic. Don’t assume your business won’t qualify! Business owners are often surprised to find out how much they are eligible for.

LG Resources can help you navigate the complexities of ERC eligibility, determine your credit amount, and ensure compliance with the program’s requirements. If you haven’t yet done so, take advantage of this tax credit to boost your savings in 2023.

Workers’ Compensation Mitigation

Workers’ compensation insurance can be a major expense for businesses, particularly in high-risk industries. However, there are ways to keep it from getting out of hand. 

LG offers effective workers’ comp mitigation services. Our guidance will help you identify potential hazards, develop safety initiatives, and implement best practices. We can help you reduce workplace accidents and lower your premium costs.

Free Preventative Health Benefits

Investing in your employees’ health can help you attract and retain high-quality workers, yielding significant cost savings in the long run. LG can help you set up a great suite of preventative health benefits — at no additional cost! Our program takes advantage of tax benefits that effectively cancel out the cost of the plan.

From telemedicine and health screenings to coaching programs, our preventative health offering helps keep your workforce healthy. Our plan can help your employees keep health expenses low and improve productivity.

Other Tax-Optimized Employee Benefits

In addition to the ERC tax credit and free preventative health benefits, there are numerous tax-optimized employee benefits that can save your business money. LG can help you find and set up these benefits.

With a savvy approach to benefits, you can enhance your employees’ benefits while lowering your tax liability. Our team will help you set up tax-advantaged retirement plans, voluntary insurance, and more.

Higher Quality Staffing

Employee turnover comes at a high cost to productivity, hiring expenses, training time, and overall company performance. By partnering with LG, you gain access to our extensive network of high-quality talent. Our staffing services streamline your hiring process and reduce turnover rates. 

Our expertise in candidate assessment helps us find employees who are more likely to stay with your company for the long term. With less turnover, you can enjoy cost savings and improved team stability.

Free Payroll Services

Managing payroll can sometimes divert your attention from core business operations. LG offers free payroll services that simplify the process, save you valuable time, and reduce your administrative costs. With payroll out of the way, you can focus on driving your business forward.

Get Started on Saving With LG

At LG, we’ve found so many opportunities for businesses to save money and boost efficiency. From tax credits to staffing to employee benefits, LG is your trusted partner in achieving these savings. 

Reach out to our expert team if you are interested in any of these opportunities. Our goal is  to propel your business toward greater financial success so you can do more of the work that matters. Create significant savings for your business with LG by your side.