Whether you are setting up a business or have been established for many years, you have likely implemented a few unnecessary things which are costing you money and time.
Don’t worry though, we’re going to shine a light on some of the areas you organize and by doing so, will help make your business big savings.
Hiring the wrong staff. The first thing you should cut is hiring the wrong type of staff. You should look at hiring multi-skilled employees, and here’s why. The biggest benefit is that they can fulfill multiple roles.
Let’s say you’re looking for a graphic designer and photographer for two separate roles where each employee’s salary would be $30,000. Instead of hiring two people and paying $60,000, hire one person and pay them $45,000.
Be sure to check that workloads won’t be affected, but if you can organize a clear plan for controlling that, this can save your business thousands.
Wasted office space. Cut unused space. In a world where remote working has become a standard offering do you really need a large multi-story office?
Giving up your office space in a prime location may seem a little drastic, but if your business is functioning without everyone needing to accommodate it you might want to look at downsizing.
If remote working permanently doesn’t seem appealing, you could get a small office space where different teams can occupy it throughout the week.
Outsourcing tasks. If you’re outsourcing work which can be done in-house — cut it. Whether it’s marketing, designing or doing your taxes, try and do as much of it within your team.
You can find plenty of help, for example, on how to complete your tax forms so you can save quite a few dollars by taking on that job yourself. Of course, this will mean taking on more work, so again, be sure to have a plan in place for when you’re going to do each task.
Improper insurance coverage. Checking your business insurance policy can help you establish if you have any unnecessary cover you are paying for but don’t need.
There are many different types of insurance available and not all of them will apply to you, so you should double check your policy each year to make sure you’re not paying extra.
Don’t forget to use a comparison site to find the best insurance for your business.
Printing and copying. This one can be hard for a business, but with perseverance it can be done: cut out printing. Printing can be a big cost to a business.
You need to buy packs of paper, then ink or toner for your printer and you will also need to ensure you have a good printer too — and don’t forget about electricity. Instead, cut paper and turn your business into a green, digital-only company.
You’ll save money on the products and the maintenance for it, but if you really need to have a printer, controlled printing and copying may be the best solution to help you reduce waste.
Some of these changes are far easier to make than others, but they can be phased in over time and your business will reap the benefits.