To help boost your bottom line in 2017, think about ways to reduce business costs. There are smart ways to do this without it having a major impact on the way your business operates. Take a flexible approach to reduce overheads with these quick and easy solutions:-
Staffing – Outsource to freelancers
Whether established or start up, having good staff can be the key to any business. Sometimes however hiring the best full-time personnel might not be possible within your budget. Outsourcing work to freelancers is now a popular option. It can reduce hiring costs while also increasing efficiency in the workplace. There are many workers out there who can offer their expertise on a project by project basis. With just few clicks, arrange outsourcing services such as HR, accounting, marketing, personal assistants, sales, graphic design and copy-writing.
Energy – Smart meter
OK energy costs might seem a little difficult to cut down on. New technology in the shape of Smart meters offer real-time information on how much energy you are using and how much you are spending. When you consider that many companies waste around 20% of energy they buy, a Smart meter could make a real difference to your business overheads. Smart meters can help work out whether you are using unnecessary energy. The meters also provide the opportunity to eliminate waste along with helping to manage your cash flow better.
Technology – Cloud computing
Spending on software and hardware can soon mount up for businesses both large and small. Over time, hardware slows and software becomes obsolete, costing money to replace. Using cloud computing can help to reduce infrastructure costs. Cloud-based services also provide a great opportunity to reduce IT costs. This type of technology is ideal for crucial tasks like saving documents in Dropbox, photos on Flickr and transferring your emails to Gmail. What’s more, cloud software will reduce IT installation as well as admin costs while keeping security up to date.
Premises – Co-work/shared offices
Shared office space is now in great demand from employers and employees across the UK. In 2016 there was a double-digit growth in occupier enquiries for flexible workspace. In many cities and towns, flexible offices and co-working spaces have been snapped up. Most start-up businesses no longer need to be tied down to long leases. Flexible offices are modern, clean and convenient with the latest technology including fast internet connectivity. Depending on how much you need to save, why not hire a hot-desk or a single desk-space? Later you can then add or subtract desks month by month as and when needed.
For businesses, the general rule of thumb is to increase revenue and control costs. It can be quite tempting to increase costs as your business grows. This will only hamper cash flow while money is diverted into other things. To stop this from happening, it’s important to cut down on non-strategic costs. Instead of booking a business venue for instance, you could hold meetings online via video conferencing. Another way to cut costs is to improve document management by digitising documents instead of using paper.
Next we shall tackle ways in which social media can reduce business costs.
Take a different approach to marketing
Marketing, customer service and finding new staff for your business can be quite expensive. It doesn’t have to be. In today’s computer world, most consumers spend more time online than they do reading newspapers or watching TV.
Cut back on marketing campaigns, customer services and recruiting expenses by making full use of social media with:-
- Online ads – Facebook, Twitter, Google and other social media platforms serve as a cost-effective way to market without paying over the odds. Post Tweets about your latest products, services, events or sales.
- Customer service – social media sites are ideal to provide customer service and control your expenditure budget. It doesn’t cost anything to use, saving you from having to pay for multiple phone lines and answering services.
- Recruitment – putting ads in local newspapers or printing out flyers when you need to recruit isn’t the best way to find new staff. When you have a job vacancy, save money by posting the position online.
So there we have it, social media is a fantastic outlet for so many things, from brand recognition to customer feedback and keeping in touch to reducing business costs.
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