Running a business is a stressful ordeal with the amount of responsibility on your shoulders – especially keeping your business afloat during times of uncertainty.
Running a business is a stressful ordeal with the amount of responsibility on your shoulders – especially keeping your business afloat during times of uncertainty. In the first two years of trading, 50% of businesses are forced to shut their doors as a result of debt spiraling out of control, so you need to have the attitude that every penny counts.
The good news is that it doesn’t have to be difficult to keep your business outgoings low. It’s all about making sensible decisions to improve your bottom line and prevent you from falling into debt. Below, we’ve listed just a few ways to make your business more profitable and reduce overhead expenses:
Consider a freelance workforce
One of the largest expenses that all businesses encounter is their workforce. It’s impossible to predict when you’ll be busy and when demand will slacken off, but regardless of how things stand, you’re still forced to pay wages, sick leave, vacation, and insurance,amongst many other factors.
Nowadays, it’s extremely common for businesses to hire a freelance workforce to prevent overspending on overheads and instead rely on a flexible team on an ad-hoc basis. In fact, 40% of U.S businesses decided to go freelance last year for this reason. You can outsource most tasks, from content writing to payroll and even website design. So, next time you require an extra team member, consider a freelancer first.
Be more energy-efficient
Are you closely analyzing how money is being spent when it comes to electricity and energy? The heating and air conditioning within your premises cannot be sacrificed. You’llaffect not only your employee’s comfort but also proficiency which can have a significant impact on your business turnover. If you constantly need to keep your HVAC systems running while employees are in-house, it would be worth switching energy providers to get a better deal or even installing solar panels on the roof of your premises. Solar panels can reduce your carbon footprint dramatically, and additionally, you’ll no longer get caught with rising energy costs from suppliers. You can search for solar companies near me to find out more.
Have you ever considered how much paper and ink you’re using to print documents daily? Printing is one of the largest outgoings many businesses face by sending physical copies of newsletters, invoices, and payroll slips, etc., so why not go paperless? Cloud computing is ideal for storing in-house documents that can be accessed and shared between employees, while email marketing is the perfect solution for keeping customers up to date with your business news. There are also various software types available for other business tasks depending on your specific requirements.
Consider remote working
Businesses across the world aimed to keep their employees safe during the COVID-19 pandemic by encouraging them to work remotely. Not only was this highly beneficial for the workforce, but business owners were able to give up their office space and cut down expenses. This is a trend that is continuing in 2021, with more businesses than ever before following suit. Remote working is much cheaper and can still be just as productive, providing first-ratecommunication and organization is maintained.