The start of a New Year is a great time to review how you run your business. Perhaps you are working on a plan to develop the business further or you may just decide that you would like to concentrate on working smarter. One aspect all businesses are probably able to improve on is being more cost effective.
So here are my 6 simple tips on how you could make savings on some of your business overheads:
1. Save on Printing
Printing costs can really mount up and if possible reduce the amount of paper you use by printing double-sided. However, your greatest expense will be ink cartridges. If you are not already doing so, instead of using branded ink cartridges, buy refilled cartridges from companies such as Cartridge World and you could save around 60% on ink costs.
2. Go Paperless
By scanning or emailing documents, you can send and share information and save time and money. Work trays and desks overflowing with files and documents will be a thing of the past and your print and paper costs will be reduced. (Plus you will not need lots of filing cabinets cluttering up your workspace!)
3. Use the Cloud
The cloud is perfect for businesses which are paperless and companies such as Microsoft, Dropbox and Google all offer cloud-based technology. Furthermore, the cloud allows you to access documents almost anywhere, at any time.
4. Review Your Subscriptions
Subscriptions to professional supplements can very beneficial, however, if you are subscribing to magazines that you never read and which are piling up on your desk, perhaps it is time to cancel. If you subscribe to a publication which you find useful, check to see if it is available online. The subscription for this may be cheaper and it also means that you can keep up with what is going on in your industry whilst out and about via your phone or tablet.
5. Find a Good Accountant
You may think that you are saving money by doing your own accounts but a good accountant will advise you on what expenses you can deduct legally from your accounts. They will also ensure that you meet any HRMC deadlines so that you do not receive any fines. I upload all my invoices and receipts to XERO which is an online (cloud-based) system for small to medium sized businesses. Using XERO in this way, means that I keep accountancy costs down and can access my business accounts from my phone anywhere.
6. Outsource your office support
If your business is growing, it is possible that you are struggling to keep on top of certain tasks. Outsourcing can solve that problem. By employing a Virtual Assistant, you will save on the costs associated with permanent staff such as holidays and sick pay. You will not have to find space in your office for a member of staff and furthermore, you will only have to pay for the services you use so you will not have staff twiddling their thumbs during quiet periods. To find out about the services I offer please contact me on 01873 740140 or email firstname.lastname@example.org