Thursday, October 10, 2019

5 Clever Ways to Cut Back on Business Overheads

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As a business owner, you know that in order to make money, you have to spend it first. And one of the costliest areas for many businesses comes in the deceptively innocent form of day to day operational costs. While it is a necessary evil, spending too much in this area can mean the end of a new start-up.

Thankfully, there are several methods you can use to reign in your overheads while still fueling the growth of your business. By cutting back in specific areas, you can save yourself a lot of money and start seeing healthy profits before long. One of the easiest ways to cut back on spending is to check out reviews for the services you believe you will need to use as a business owner. For example, checking out how Rippling vs Zenefits compare as business solutions, you can work alongside a company you know is beneficial to you, while spending only what you need! Here are the most effective ways to back on business overheads.

1. Serviced Office Solutions

In today's high-tech world, where work can be done from virtually anywhere, a traditional office lease isn't a good fit for every company. Serviced office solutions give business owners the ability to rent only the space they need for the length of time that suits them best. The office building is owned by a facility management company and the services they offer include reception and phone answering, housekeeping, building maintenance, and some special amenities. 

2. Go Paperless

In this day and age, it’s cool to go paperless. Most companies have already jumped on the bandwagon at this point, but if you’ve been hesitant, check out these brilliant reasons to get on board. 
Going paperless will save you a ton in ink and paper. You’ll not ever have to worry about running out of either again. It’s also good for the environment as no paper equals less environmental impact. And finally, once you turn all your paper files into digital ones, you might be able to get out of that huge office space and into a serviced office solution that saves you even more money each month. 

3. Get an Accountant

This is a pricey option, but having an accountant on the payroll is a smart way of spending money to save money. Counting every penny coming in and going out, an accountant can spot any trouble areas and recommend solutions for cutting down on spending. In addition, this professional is a tax expert who will probably know of many deductions at tax time that you hadn’t even considered. 

4. Get Rid of Your Traditional Phone Line

There’s no reason these days to pay the ridiculously high prices phone companies charge for traditional landlines. With VOIP options available, as well as Skype and Google Voice, it’s easy to stay connected. In fact, Skype and Google Voice both have mobile apps that allow you to stay in touch no matter where you are. Of course, you may still have to pay for international calls. 

5. Hire Wisely

If you need to hire a new employee, look for one who displays multiple strengths. While it’s not necessary to have a degree in computer science, if your new hire knows how about TCP/IP settings and boasts press release writing skills, they’re a smart choice for your payroll. 
If you would like to ensure business growth and the happiness of your employees, think about offering professional development opportunities on a regular basis. 
Owning and operating a business is expensive. You have to spend money to make money, and while some expenses are unavoidable, it is possible to cut costs here and there. From serviced office solutions to hiring the right people, there are plenty of ways to cut back on overheads to help ensure the on-going success and growth of your business.