Is your business struggling after having a tough 18 months? You’re not the only one. Here are our top tips on reducing overheads.
The world was rocked by the economic shortfall in 2020. Then, seemingly overnight, everything we knew about the market and the economy changed. Nothing had the same value from one month to the next. Even Bitcoin became unpredictable; that’s how bad things were…
So, if your business needs a financial reset this year, nobody would blame you. So, we thought we would help out our San Francisco business-owning friends with a few top tips on saving money this year. If ever there was a time when businesses needed to tighten their belts, it was now.
4 Ways to Save on Business Costs
As we return to the office, here are some ways our employers might be devised to save on some costs.
1 – Reduce your Office Space
Downsizing your office space is a natural and efficient way to save overheads. Smaller space means less heating and lighting costs, less staff, and fewer desks and phones. Of course, it also means that you can handle a smaller workload, but if it keeps the doors open, why not.
We suggest looking into a coworking space austin, as an excellent example of how to downsize correctly. Sharing an office space means you halve your bills, pay less in rent, and can share a phone bill with a potential business ally.
2 – Go Paperless
If you go paperless, you can shave printing costs and paper costs off your monthly outgoings. If your business issues invoices, issue them electronically. IF you keep records, file them electronically, and pay for offsite backups. Going paperless is better for the environment, gives your employees less record-keeping, and can help you manage the costs of office supplies on a month-to-month basis.
Even if you can’t afford to go entirely paperless, saving on a fraction of the overall cost will help you save big over a year or two.
3 – Take on Interns
If staffing costs are crippling you, consider teaching at local educational institutes. In exchange for a few talks, you can find yourself some interns who will do the same work for a fraction of the cost. Be sure to give them excellent references and a permanent paid position for their trouble if your business picks back up again.
4 – Look at your Travel Costs
Depending on your line of work, travel costs can put a massive dent in your annual outgoings. If you own and operate a fleet of taxis or boats, imagine the fees you pay for fuel and journeys. If you engage in executive travel, lowering to economy class can save loads. Reducing the number of cars in your fleet can save you both on insurance and maintenance. Re-examining your travel costs can help you make significant savings every month.
Moving Forward in Business
Most of all, remember that this is a temporary setback. Your business will be back to full strength in no time; all you have to do is stick it out.