Running a business can be very expensive. You have to pay out for goods, services, staff, energy bills, equipment, and so much more. While the first couple of years of starting a business are arguably the hardest, the costs only increase as your business grows. Because of this, it’s worth taking a look at the ways your business can lower its overheads and become more profitable. We’ve discussed a few of the best ways in this article.
1. Look at Your Advertising
With so many consumers having access to the internet, it’s no longer essential to run traditional advertising campaigns. While you may be able to spread the word about your business by paying for prime time television commercials, just think how much money your business could save if you cut out this form of advertising. Many businesses are also moving away from PPC advertisements like Google and Bing ads. They definitely work while they’re live, but it’s more cost efficient to spend money on longer-term results like inbound marketing and SEO.
2. Consider Your Office Costs
There are a lot of ways that you can save money in the office. For starters, you could downsize the space that you currently use and encourage more employees to work remotely; making use of hotdesking when they do need to attend the office in person. You could also upgrade your old printer to one of the color laser printers available.
These are much cheaper to run, and maintain as well. Other things you can do include increasing the amount of light entering your room to save on energy bills and educating your staff on eco-friendly practices that are not only great for the environment but save money at the same time.
Do you really need an in-house writer on staff? What about an accountant or an IT team? If you don’t have enough work to keep them busy for all of
their contracted working hours, you’re pretty much throwing money out the window. A better alternative, and one that will save you a lot of money, is outsourcing this work to a company. You’ll only have to pay them for the time they actually spend on your work, and won’t have to worry about keeping them busy during quiet periods.
4. Buy In Bulk
From printer ink to software to toilet rolls for the bathroom, you can save a lot of money if you buy the items your business needs in bulk. This also applies to stock that you buy from suppliers, and sometimes also services you hire. Another tip here is to analyze the services and goods you currently buy and see if you can purchase them from someone else for cheaper. The dealer you worked with when you first started your business is probably not going to be the best option for a business that has grown substantially over the years.
There are lots of ways that a business can save money. The above four, however, are simple and easy to implement.