If you are a small business I know that you will be doing everything to save money wherever you can. Here are five easy ways to do just that:
1. Contract instead of hiring. Employees need office space and equipment. They need training. They need their insurance, sickness and holiday pay. Hire a contractor or freelancer instead and see how much money you save immediately.
2. Empty that store cupboard. This is supposed to be the age of the paperless office yet how many companies still have a stationary store? It’s time to ditch the stapler, paperclips and hole punch. If you really can’t live without post it notes there’s an app for that.
3. Cut down travelling to meetings. Yes it is important to meet with clients face to face but do you really need to do that every week/fortnight/month? Save the time and expense of travelling and use technology to teleconference occasionally instead.
4. You can be too loyal. An MD of a company I know used the same company for his packaging for many years. He liked and trusted them but then discovered that they were still charging him top rate even though costs had fallen and other customers were getting the same goods considerably cheaper. Unsurprisingly he changed supplier.
5. Watch fees and charges. Paying bank charges, finance fees and penalties for late payment is just throwing good money away. Do you really need corporate gym membership? Chase down those fees and check everything thoroughly.
If you’d like more advice on how to maximise profits in your business give me a call today on 01452 534860 and we can have an informal preliminary chat.