Reducing Your Small Business’ Outgoings

Reducing Your Small Business' Outgoings

Every small business will have a whole array of outgoings.

Online businesses are likely to have the lowest spending: they have relatively low setup costs, no commercial rent to pay and minimal overheads such as gas, electricity and water bills.

Physical businesses have higher setup costs (furniture, tills, stock rooms, stock displays, and signage will mount up to more than a web designer and stock storage space), have to employ more staff including cleaners, require heating, air conditioning, electricity, and water.

These areas are fairly nonnegotiable. However, once the absolute essentials are handled, and out of the way, it is relatively simple to start reducing your business’ outgoings.

Control Office Expenses

Every business, regardless of the products or services it provides, will have office supplies. They’re essential for invoices, paperwork, stock taking, bookkeeping and written communications.

However, use of office supplies should be strictly controlled. It is easy to neglect how much money is wasted on unnecessary supplies every year.

Start out by limiting personal use of office supplies, by both you and all of your employees. Anything purchased using business funds should strictly be for professional use only.

Also, ensure that all equipment is functioning as it should. Old or malfunctioning printers may use more ink than necessary.

Give them a regular service or contact Ricoh Printer Support if you notice any issues arising. Prevention is better than cure, so it’s always best to confront problems head on.

Make Your Business Energy Efficient

Reducing Your Small Business' Outgoings

Energy efficient devices such as light bulbs are a relatively new addition to the market. Many people believe that they are merely a gimmick for businesses with environmental agendas.

Energy efficient devices are great for the environment, but they are also economically beneficial for businesses. They offer more energy for your money and need to be replaced less frequently.

Larger alterations include upgrading the business’ insulation and the highest quality double glazing on windows.

Reduce Marketing Costs

The efficacy of print advertising (such as leaflets and posters), billboard marketing and television or radio ads shouldn’t be underestimated.

However, nowadays, there are more options available that are less costly. Use free platforms to the advantage of your company.

Every business should have a website, Facebook page and perhaps even an Instagram page and Twitter feed. These pages allow potential customers and clients to access information regarding your business at any hour of the day.

This is especially beneficial for international trade, where potential customers may wish to research products or gain professional information out of business hours due to different time zones.

Evaluate Your Staffing Costs

Reducing Your Small Business' Outgoings

The workforce upholding a business are not disposable. But every business owner should be safe in the knowledge that their staff are worth every penny that they are being paid.

Conduct regular checks, surveys, and mystery shops to ensure that staff are performing efficiently and know exactly what is expected of them.

If you find that individual employees are struggling, offer training programs to increase their productivity and efficiency within their roles.

About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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