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This Cheat Sheet Will Show You How To Slash Your Small Business Costs!

The less glamorous side of running a business involves paying a lot of bills each month. You have to pay for things like office costs, employees, professional subscriptions and more. In general, the bigger your business, the higher the costs!

The golden rule of business is to ensure you make more money than you spend. Is the opposite true for your company? If so, you will need to do something about that problem soon. Otherwise, you could end without a business to run!

Don’t fear because today I will share with you some dynamite tips to reduce your operating costs. You can thank me later by sharing a link to this blog post with others that may find it useful! Here is what you need to know:

 

Don’t hire staff unless necessary

One of the biggest expenses for businesses of any size are their employees. Apart from paying their salary, there are other costs you have to cover too. These include things like insurance, pension plans, and National Insurance contributions.

Hiring people on a freelance basis is usually a better solution. They have to sort out their own insurance and tax affairs. All you do is pay their invoices, just as you would with other suppliers. Another benefit to freelancers is you aren’t tied to restrictive employment laws.

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Lease the things you use

The age-old debate of buying versus leasing often rears its head in the business world. Some folks reckon that buying the items you use is more cost-effective. But, they don’t realise that the reverse is true!

Take photocopiers, for example. Ricoh London are just one of many providers that can lease you copiers for your office. Such firms will also maintain them for you as part of your monthly contract. But, if you bought your photocopiers outright, you’d have to cover those extra costs.

You can even lease computers as well. Fancy a shiny new Apple iMac on your desk? No problem, because you can get them on a 24-month lease. And, here’s the best bit: when the lease is up, you can start again with a new one!

Leasing frees up your cash flow, making it easier to spend money on other areas of your business.

Outsource time-consuming work

Part of any business involves carrying out time-consuming work such as research. Did you know that you can hire a virtual assistant to do that for you?

Doing so offers you the advantage that your staff are free to work on other projects. These days you can outsource all kinds of work to other people.

Collaborate with other firms to save on marketing costs

You will doubtless spend money to market your business. You might not realise it, but your marketing budget could be eating away at your cash flow!

One way to save on your marketing costs is to team up with other business. A campaign shared is a budget halved! For instance, let’s say that you sell kitchen equipment and accessories. You could team up with firms that offer chef training.

Thanks for reading today’s article!

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