Despite the fantastic retail sales results over the holiday and New Year period; for many businesses, financial struggle is very much still real. Whether you are a small business or start-up business, it is all too easy to lose control of your finances and far too difficult to get any form of control back.
If 2014 has begun with things feeling a little tight or you want to adopt a more frugal attitude, before the first half of the year disappears and things get too out of control, why not evaluate your current situation and figure out just how and where you can minimise your expenses.
Whether you think you are paying for a lot or think your costs are manageable, why not take a quick look at your out-goings and ask yourself; could I get myself a better deal?
Below are a few of the main costs which businesses of all sizes and all industries face however many are often paying far more-then they may need to. Why not give your business the best chance and see if you can minimise expenses…
- Suppliers- Whether it is electricity, water, outsourced services or anything else in between ask yourself; are you getting the best deals possible? With a New Year having just kicked off, why not discuss your options with your suppliers or perhaps even see if you can find a more cost-effective deal elsewhere?
- Staff- For the start-up businesses in particular, the cost of employees can be very overwhelming. Whether you are struggling or want to ensure your business successfully strives throughout the year why not consider whether it is financially viable to outsource before making a long-term commitment to team members? Outsourcing to freelancers and business finance specialists is often a great starting move and once you feel in a strong enough position you can then look at building out the team.
- Office Costs- From pens and papers to printer ink, office costs can be the most overwhelming and most unmonitored charge that any business faces. As employers you will no doubt want to ensure that you are doing as much as possible to take care of your team but are you carefully monitoring just how much you are spending? Are you tracking the supplies and ensuring that things are not being used and abused? Printer ink is often the most expensive item so consider refills or organic supplies to lower this cost too.
The above are just three of the main charges that could potentially be minimised. Whether you are in need of emergency money-saving tactics or not, as the first month of the year begins drawing to a close now is a great time to triple check your finances.
Why not take a step back and look at just where and where your money is going and ask; could my business be saving money?