If your business is suffering from a black hole of growing expenditure, it’s time to rein it in and take control of your company’s outgoings. To help you do that, here are 5 ways to reduce your expenditure, and make your company more cost-efficient:
1. Hire An Accountant
Tax is a huge burden for business, and whilst it’s important that you pay money when it’s due, many people are unaware of the various ways that they can they can reduce their tax bill at the end of the year. An accountant can make sure you pay only as much tax as you legally need to, helping you to take advantage of any business relief and loopholes that will bring down your expenditure.
2. Better Deals on Your Bills
As the needs of your businesses evolve, a service that once seemed to fit your requirements can soon be out-dated for your current usage of gas, internet, telecoms or other services. And if you have several sites for your company, then you can get a much better deal by choosing one solution to cover your whole business. So when your renewal dates come round, don’t just settle for the same again – shop around.
3. Outsource Your Service Management
With so many priorities to juggle as a business, time is a precious commodity. Which makes those long and arduous calls ringing around to find the best deal on utilities and telecoms unrealistic for most businesses. However by handing over this job to a professional account manager, you can let an expert find a solution that works for your business and will bring your bills down.
4. Go Virtual
Instead of hiring an extra secretary to process, track and chase calls, why not use a virtual inbound call management service to do this for you? There are many ways that using the internet can help you to reduce your expenditure, from allowing staff to work from home a few days a week, to conducting meetings over Skype instead of expensive business trips. The internet is a fantastic resource for business, so don’t be afraid to use it to its full potential.
5. Get Cost Savvy
Take a step back and assess exactly where the outgoings in your company are. For big businesses especially, control over costs can soon get lost as staff have no interest to keep these down. Are staff wasting energy by leaving lights, technology and heating on unnecessarily? Could you be saving money on travel or business expenses? By getting cost savvy, you can identify unexpected areas for improvement and rein in spending.
There are some forms of business expenditure that are necessary and unavoidable to keep your company running smoothly. However when you start looking into the areas where costs are high, you’ll soon identify plenty of ways that these figures can be brought down. By seeking external help from contractors such as utility and telecoms experts, and accountants, you can make big savings in the long run and turn more of your revenue into net profit.
Photo credit: Ryan Hyde