Amid Britain’s economic uncertainty, every penny counts. Reviewing what your business spends money on and evaluating overall costs can make a big difference. By cutting unnecessary costs, money can be allocated to where it’s truly needed.
However, targeting where or how to reduce business expenses can be difficult, especially if you don’t know where to start. Keep reading to find out how you can save business costs with these smart, 10 tips.
Downsize or relocate
Downsizing unarguably decreases property costs. Plan ahead of the process by getting to know Cube Records Management, who professionally manage and provide document storage services for some or all of your records, confidential and legal information, helping you prepare the way for downsizing.
If a complete storage solution for equipment, stock, and materials is what you’re looking for - Cube Self Storage is the right match for you. Check out your options here.
Relocating to rural areas prevents paying a big chunk of your revenue to stay in higher-cost urban areas. Having over 20 years of expertise in the relocation industry, Edward Baden is able to handle a wide range of relocating, moving, shipping and storage contracts smoothly and efficiently, ensuring that no aspect of your own move will be unexpected.
Decrease supply costs
Start trimming the fat by looking outside your pool of traditional vendors, and comparing prices from different outlets and providers to find the most affordable office supply sources.
Reduce production expenses
Instead of sending leftover paper, metal or cardboard straight to the recycling centre, try selling them. Get creative and see if there’s any way you can use waste to create another product.
Similarly to supply costs, a good way to reduce business expenses is to compare and opt for a provider with the most competitive rate. If you’ve already had a current insurance provider, negotiate to see if they can match that rate.
Optimise marketing strategy
A reliable recommendation from a current client can be more likely to translate into a sale than traditional marketing.
We’re living in a digital world, so make the most out of social media to reduce traditional marketing expenses. Meta, Instagram, Twitter, Youtube, etc. are good platforms to capture new leads and attract potential clients.
Facilitated by the pandemic, most people have had a taste of remote working or working from home. Flexible working effectively reduces the time employees spend at the office, meaning a decrease in business expenses on the property, energy, heating, and supply costs.
If you’re looking for a bespoke, flexible and budget-friendly coworking space in Uckfield, head over to our Cube Co-Working website for more information.
Turn off all electronic devices
If they’re not being used, switch them off, and disconnect them from the socket. Some equipment and devices such as printers, fax machines, or computers in hibernation mode, plugged into the socket can still consume electricity even if they’re not working.
Review your staff’s responsibilities
Assess if your employees are doing their share and contributing to the company. If they aren’t, you’re losing money. Make sure the right person is in the right seat, pulling their weight.
If your staff are willing to apply transferable skills to other departments, give them the opportunity to do so and reward them if they perform well - it can be more cost-effective than hiring a new position.
Hire an expert in cost-cutting
If cutting down business expenses feels challenging, acquire the help of a professional. This can be costly at the outset but will save you money in the long run.
Analyse recurring costs
Check if you have any mailing, newspaper or software subscriptions that can be cancelled. Left unreviewed, these underlying costs can turn into a big sum by the end of a year.
Keeping a small business afloat during an uncertain economic environment is difficult, let alone a medium or large corporation. However, by keeping a cool head, thoroughly reviewing the scale and nature of the company, and strategically utilising this information, businesses can acquire new ways of thinking, step outside of their comfort zone and, potentially, gain new opportunities for development.