There is no getting away from the obvious fact that when you have a business, it is going to cost you money. Whether it is a building like a store or a factory that you hire, a website that you make, or staff that you have to pay, it all adds up. And the thing is, all of these things aren’t costs that you can avoid paying, if that is the kind of business that you have. So while you can’t get rid of all expenses, there are certain areas that you can reduce the costs, without meaning you are cutting corners. So here are some good ways to help reduce your overheads, and increase your bottom line.
Full-time staff cost money. Not only do they need a wage, even on the days that it is quieter or there is less work to do. You might also pay into a pension for them, as well as cover insurance, sickness or vacation pay. So where you can, if it comes down to hiring a new employee or outsourcing, look to outsource. It could be an assistant that works remotely, or a company that you hire from time to time to do your payroll for you. It is much cheaper when you are able to hire freelancers or outsource as you only pay for that job to be done or their time when they’re working.
Cut Down Admin Costs
It can be surprising just how much small day to day items like printer ink and light bulbs can affect your business costs. So look for cheaper ways to do them, such as LED light bulbs or reducing how much you print things out. Use less paper, recycle, and bring in your own coffee and migs from home, rather than using a machine in the office. Small things like this can have a big impact.
Travel for business is always going to be expensed back to the business. So if you don’t need to travel, then don’t. The same thing goes for your supply and delivery chain; where can you cut costs? Something like a load board could be worth looking into, as these systems allow shippers and carriers to find each other and enter into agreements to move freight. So looking for the best load boards for truckers could mean that you can make use of another providers truck, rather than needing your own. It can be a much more cost-effective way to go.
We live in a wonderful day and age where working remotely is so simple and easy to do. So allow your staff to do so at least once a week. It can mean you needing a smaller office, and cut down the costs of running the office. You’d be surprised just how much money you’ll save by going to a smaller office and using less electricity around the office. It can save commutes for everyone too, so can be a plus of working for the business, for sure.