Running a small business is not always an easy thing to do, especially when you have a lot of overheads and feel like you are constantly trying to keep the wolves from the door. One way to make life easier and give you more energy and time to actually run your business is to reduce your overheads. If there is less money going out in the various costs of running the business then you will have more cash flow to put back into the business and make it better than ever. Here are 5 simple ways to minimize your business overheads.
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Get an Accountant
One awesome way to save money on overheads is to get an accountant to help you with your finances. Accountants have many years of training in working with money so they will be able to help you save in ways that you never realised were there. The investment of having an accountant will outweigh the money that you might be losing that could be saved by a few simple mathematical adjustments.
Get Rid of Paper
There was once a time when we would get a memo for everything, printed on paper, but these days, with email and other online facilities there is no need for using heaps of paper in the business, so why not go paperless? Getting rid of paper in the business is something that a lot of businesses are doing, so its not like you are re-inventing the wheel, and clients are getting more and more used to receiving things only via email. Let customers know that you are going green and go paperless in your business to save on overheads.
Get Rid of the Office Phone
With everyone having their own mobile phone there really is not that much need to have a business phone that is costing you money. Getting rid of the work phone will mean that you have one point of contact for your business and phone calls can come through you and other staff members (if you have them) without too much trouble. This is definitely a great way to save money on business overheads and many business run without an office phone now.
Hire Employees Who Can Multi-task
When hiring employees, instead of hiring two different people to do two different jobs you could hire one person who can do a few different jobs. Not only will this mean that you are paying less in wages, but you will find that productivity will go up with the employee always having something to do while they are work.
Move Offices
If one of your overheads is the rent on your office, and you have found that business has slowed down a lot then it might be a good idea to move to a different office. Some businesses can work pretty easily from a home office, and if you need to meet with clients you can hire a serviced office for particular days, or weeks at places like Corporate House Australia.
Photo credits: David Castillo Dominici – freedigitalphotos.net
Oh how nice and very helpful tips for small entrepreneurs…great suggestions for me.
Running a business is always challenging because of the work and costs involved. These are very practical tips you offer here.
These are simply ways yet very true if you wish to save money or cut the cost of your expenses, as long as you have other ways to make it simplier and inexpensive it would be great to apply them.
investing in people is the ebst way to run a usiness successfully:) i have always been a believer of people talents:)
Any cost cutting measure to stay afloat is imperative during tough economic times. However, drastic cost cutting can also be detrimental to the business especially if it involves loss of manpower due to cutting back.
these tips really make a lot of sense, these days with the internet, emails, etc, there is hardly a need for paper and well, also phone
Unless you have an online storage for all your important document, paper are still handy but I agree, paperless is the best way to go.
Great tips! For me, just hire the right people. That’s my mantra.
Perfect tips for small entrepreneur to follow. But be sure to have the right people in your office!
Very helpful tips especially for those who are running their own business and for those who are still planning to put up one. It can be very challenging and arduous but I believe that getting the right people makes the business thrive.
Finding the best people I think will help in terms of productivity and trust in keeping the business.
These are really helpful ideas for small business to minimize cost 🙂 I like the paperless, it saves materials and postage as well 🙂
Sis, I have to edit my first comment because of a wrong word. Please publish this instead and delete the first one. Thanks! And you can also edit this and remove these irrelevant lines.
Multi-tasker employees are definitely a company must-have! At a huge insurance company where a friend here is working, many of his colleague are Indian nationals because the American boss prefers to pay a salary to the Indian national who can work 3 times more than a typical American worker. Helpful post this is!