Whoever said money can’t buy you happiness may have very well been right – the jury’s out on that – but one thing you can be sure of is that money is pretty pivotal in the success or failure of start-ups and small businesses.
The end-goal is to get your business churning out more money than you’re putting into it. Much, much more in fact. However, the journey from A to B is very rarely a straight path of profit and return on investment. Reality dictates that it will most likely be a rollercoaster of cashflow ups and downs.
Outside of the obvious things like business rates and staff salaries, there are a number of more inconspicuous factors which have the potential to send your overheads skyrocketing. These include expensive ad space, unnecessary printing, redundant office facilities and poorly managed finances.
In this article, we’re going to reveal some simple but effective ways in which you can combat these problems to lower your business overheads.
Be strict with your budget
Firstly, make sure you’re setting out a clear and concise budget. Secondly, make sure you stick to it stringently.
A business lunch here or an unaccounted expense there might not seem like a big deal at the time but when those little slip ups are all accumulated, you’d be surprised at how dramatically it can offset the outgoing-incoming balance.
Opt for refurbished electronics
There is something super satisfying about peeling the packaging off a brand-new piece of kit but sometimes, that really is all you’re paying for.
There are plenty of places now, both online and offline, which sell reconditioned computers, smartphones and tablets in mint condition for a fraction of the original price.
Take advantage of cost-free marketing tactics
You don’t need to pump extortionate amounts of cash into ad space or traditional PR to see results – you can communicate with your target demographic, expand your reach, generate leads and close sales via free marketing means such as social media and content marketing.
Invest some time into learning how you can improve your social media profiles, blogs and newsletters to reap the multifaceted rewards of marketing avenues that don’t have to cost your business a thing.
Make now the time to go paperless
The most heavily promoted benefit of going paperless is how it can reduce your carbon footprint and make your business a much more sustainable and environmentally-responsible operation. Its lesser celebrated advantage is how much money it can save you.
You don’t need us to tell you that paper, ink, machinery and the means by which to store it all can be a costly little production line. Transitioning some of your processes into the digital or cloud-based realms can go a long way towards significantly reducing these overheads.
Bookkeeping and accounting are some of the most prominent areas in which going paperless can have the most significant impact. It eliminates (or at least reduces) the need for tangible documents and paperwork, thus having a positive effect on both the environment and your business bank balance.
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About The Author
We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!