Best ways to reduce your business costs
- Explore an alternative place of business.
- Draw up a budget and stick to it.
- Move marketing online.
- Pool your equipment with other businesses (or barter)
- Use part-time and freelance staff.
- Don’t automatically renew premiums and services.
- Avoid unnecessary charges for finance.
The best ways to reduce your Business Costs – Is your business struggling to break even? Or maybe you just want to extend those profit margins further. Either way, you should look to ways for cut your costs.
Look for a Better Insurance Quote
The best ways to reduce your business costs – Business insurance is one of the big costs that you probably face as a business owner. Every business needs to be covered against risks. But when as the last time that you sought a quote from an alternative insurance company? Many business owners simply see it as a necessary evil and, therefore, they keep handing over the money. But if you stopped to check if there was a better deal out there, you might actually manage to save a lot of money in the long-term. It’s at least worth checking.
Buy Used Goods
The best ways to reduce your business costs – Whenever you need to replace something in the office, do you buy a brand new product? This is what most business owners do, but it might not be the smartest move if you want to cut costs. Instead, you should think about buying used items that could be just as good as the new items. If you visit sites like eBay and Gumtree, you will quickly find plenty of office items for sale. In many cases, the owner simply doesn’t need them anymore. Just because they’re being sold, that doesn’t mean that they’re faulty or dodgy.
Outsource More
The best ways to reduce your business costs – Outsourcing is one of the best ways in which your business can save money these days. If you have never thought about outsourcing before, now might be the time to get over your phobia. Many people still think that if they outsource an aspect of their business, quality will drop. That’s not necessarily the way it is though. Sometimes, you can get a much better quality service from an external company, whose employees are experts in their field. And you will certainly save money on things like outsourced marketing or human resources.
Negotiate a Better Deal with Suppliers
The best ways to reduce your business costs – Every business relies on its suppliers. If they don’t deliver the goods, then you can’t do your job and satisfy your customers. That’s the way a supply chain works. But that doesn’t mean that you can’t build up a good relationship with suppliers over time and then negotiate a better deal for your business. The important thing to remember is that suppliers really value loyalty a lot. So, if you can get in their good books and prove your loyalty, they might be willing to reward you with a discount.
Print Less
The best ways to reduce your business costs – It’s a simple tip, but it could actually have a big impact on how much money you spend each month. Let’s face it; ink doesn’t come cheap. And when you’re printing a lot of stuff, the cost of the paper starts to stack up before long too. When you add all these things together, as well as the inevitable printer repairs, you will be spending a lot of money on printing. Is that money being well spent? These days we have tablets and emails to communicate with, so printing is starting to look unnecessary.
Explore an alternative place of business
The best ways to reduce your business costs – Instead of making a long-term commitment to rent office space, why not consider another arrangement?
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
