Did you know that on average, business costs rise by around 20 to 30 percent a year? Sometimes this number is even higher, depending on where your business is located and whether you are planning on expanding. Each year business insurance costs will rise by 10 to 20%, the price of transport will increase, and your energy supplier will add an extra 10% onto the cost of your treif. Small businesses are constantly being forced to pay more and more due to increasing expenses, so learning to cut costs wherever possible is more important than ever.
Want to cut your business costs and improve the bottom line? Below are some ideas for ways that you can reduce the risk of your business costs skyrocketing in 2018.
Be smart about office space
Depending on the commercial situation in your area, you may be able to take advantage and cut your office space costs. The fact is that many office spaces come with an increasing price tag each year, as they become more well-known and more sought after. If this is the case with your office building, it could be time to move. Look for a new premises that offers the same facilities but at a lower price. The less well known the building is, the lower the cost will be.
Outsource don’t hire
Most smaller businesses have slow periods, which means that having a full-time, on-site team may not be conducive. Instead of hiring team members, why not outsource specialist tasks to freelancers? That way you only have to pay for the work that is actually done, instead of paying them a salary on a monthly basis. This step is a crucial one, especially when you only have a small budget to work with.
Utilize the internet
When it comes to cutting business costs, the internet is a vital tool. The fact is that you can use the internet in various ways to help reduce your business’s spending, it’s just a case of determining what these ways are. How about swapping to using VoIP phones for calls that run via the internet? According to IT specialists Dyrand, these phone systems are affordable, easy to set up and work just as well as regular phones. Plus, they come with a selection of added features that may be beneficial to your business, such as the fact they offer a ‘landline’ that can be taken wherever you go – all that’s needed is an internet connection.
Cut marketing costs
Marketing is often one of the highest costs that a business has to cover. Although marketing is a vital part of building a successful business, the fact is that it doesn’t have to be overly expensive. Far too many companies waste money on expensive marketing that is unnecessary. One of the best ways to cut costs is to utilize social media because social media has fantastic promotional possibilities, and the best thing about it is that it is completely free to use.
The truth is that although your business costs can skyrocket, they don’t have to. Believe it or not, by taking the steps above into account and utilizing then, you can save your business a large sum of money, keeping your finances on track.
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