Times are tough, and if you want to stay competitive, it makes sense to adjust your operations to increase income and decrease expenses. Here are some tips on how to do this:
Outsource Bookkeeping Solutions
Start by outsourcing the services that are not an integral part of your business. While bookkeeping is essential, there’s no need to maintain an accountant in your list of employees. Bookkeeping can be outsourced, which means you’ll only have to pay for the service when the accounting year ends, saving you thousands in the process.
Sell What You Can
This refers to items or materials that you would ordinarily throw away but can be sold at a fraction of a cost. For example, you can sell on cartons, boxes, or recycle used paper in your office wastebasket. Even if you can’t sell something, the government provides for tax incentives that should help lower your bills while making you more environment-friendly.
Be Brave with Technology
Bring your business to the future by signing up with all kinds of social media accounts to establish an online presence. It’s not enough that you have a Twitter and Facebook, however. Feel free to check out new platforms – even the ones that don’t have a big following yet. Investing just a few minutes of your time each day on these new marketing platforms can put you ahead of the competition.
Reduce Repetitive Expenses
Evaluate your expenses and see if you’re making the right decisions when it comes to renting versus buying. If you have repeated expenses, you’ll find that over time it’s better to buy rather than rent. For example, are you renting the equipment in the office? Try to calculate the length of time you’ll be using that item. Would it have been better to simply buy it in the long run? Make room for this in your budget.
Of course, those are just some of the methods to lower your business expenses. It often pays to be hands-on with your start-up and simply expand as the need arises.