Businesses should always be looking for ways to streamline their coasts. After all, doing so enables them to maximize their profits and not only stay in business but be more successful as they do. It’s unfortunate then that so many, particularly small, businesses are wasting money on a whole lot of unnecessary stuff. It’s time to change that starting here:
Paperwork
How much of the stuff your business is currently printing really needs to be printed? Most of the documents we generate in the course of working life are perfectly fine to be left in the digital space. If you’re printing stuff just for the sake of it, stop now and save more money than you might think possible on paper, ink, and printer maintenance. What do you have to lose?
Office space
The coronavirus pandemic has forced a lot of businesses to switch to remote working at least temporarily. It has shown us all just how possible it is to have employees working from home. If your business is one that could be operated by a team of remote staff, it may be worth making home working permanently so that you can either downsize or even close your office space completely and potentially save thousands of pounds annually as a result.
Fines and charges
Depending on where your business operates and what industry you operate in, you may be at risk of racking up fines and charges. From charges for failing to file your taxes on time to moving violation charges on your commercial vehicles, there are so many potential pitfalls that could cost you money. That’s why it’s really important that you train your employees to avoid these problems, schedule your company activities so that deadlines aren’t missed and where appropriate seek legal help from companies like CDL Consultant who can have charges quashed effectively. This may not seem like a big deal, but those fines and charges can really add up over the course of your lifetime in business, so they do need to be addressed.
Staff
Saving money on staff can be tricky, but one way of doing just that is by using freelancers when you have a need instead of employing someone full or part-time as a regular member of staff. This works well for occasional jobs such as graphic design for new marketing campaigns or copywriting for a new product launch, but you can hire freelancers for pretty much any task these days and you don’t have to worry about having them on the payroll and all of the extra expenses that entails.
Conferences
Out-of-town conferences are often important for networking and marketing purposes, but by the time you’ve paid for plane tickets, a hotel, and meals, they can be pretty expensive. Save money for your business by running and attending courses digitally using apps like Zoom and save your business from a lot of unnecessary expense.
Buying from the biggest suppliers
it’s tempting to always buy your stock from the biggest and best-known suppliers because you know they are reliable and you know exactly what to expect, but because they have such a good reputation, they rarely offer the best prices. It’s often a good idea to do your research into slightly less-prominent suppliers where you can find pretty much the same level of service for a bit less money.
Banking Fees
I personally use a free bank for my business account and credit card and I love how much it can save you!
Reduce, cut, repeat!