Starting a business is expensive β we know this. However, what might be even more expensive is keeping it running on a monthly basis.
Especially for smaller businesses, keeping your ongoing costs at a minimum is important for staying afloat, but at the same time, you donβt want to remove essential expenses from your budget.
Here are a few useful tips for reducing your ongoing costs without sacrificing anything important.
Invest in Useful Software
Spending money on software purchases and subscriptions might sound counterproductive in the name of reducing costs, but these can be real money savers.
Programmes like accounting software and CRM systems can help you automate tasks that might otherwise take up a lot of your time to complete β and remember that time is money. These could save you from wasting time or having to hire full-time staff.
Infrastructure-as-a-Service
The whole idea of Infrastructure-as-a-Service is to βrentβ out your computing services β servers, storage and networks. This can save you from spending huge amounts of capital as well as the ongoing costs of hardware maintenance.
On-premises solutions are what we all know, but looking to the future and taking advantage of technology and the Internet will open up new opportunities for you and your business.
Go Digital
Printing endless documents and struggling with your filing system? Itβs clear that in 2022, your filing (and most other aspects of your business) should all be digital by now.
Take some time to move all your data and documents onto a digital system where theyβll be better organised, and you wonβt need to keep paying for stationary and servicing your printers.
Ditch the Office
As a matter of fact, why not make everything digital? The Covid-19 pandemic made it evident that a lot of businesses donβt need an office space to function effectively.
Consider scrapping the office and allowing your staff to work from home if possible. Plus, aside from skipping all those overhead costs, there are plenty of other benefits of remote work for both your business and your employees.
Increase Productivity
Making an effort to increase productivity among employees can save you loads of money in the long run. As mentioned, time is money, and the more time thatβs wasted in the work week, the more money youβre losing.
You can increase productivity by, first of all, monitoring it with time or task-tracking software. Once you know where your and your employeeβs time is going, you can find ways to ensure itβs better used.
Outsource Infrequent Tasks
Instead of hiring full-time staff, consider which of your less frequent tasks could be outsourced.
For example, a commonly outsourced yet very important business task is graphic design. However, most businesses wonβt need a full-time graphic designer, so hiring one short-term will be more cost-effective.
Revisit Your Insurance
Finally, remember that your existing ongoing costs β such as insurance β could always be revisited, renegotiated, and potentially reduced.
Shop around for better deals on insurance and see if you can have that number reduced to free up room in your budget.