Sunday, January 7, 2018

Simple Switch-Ups To Save Your Business Money

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Whether your business is going through a tough time or you’re simply looking to cut your expenditure, a cost-cutting exercise could be very beneficial. When people think of cost-cutting, they usually associate it with cutting jobs, but that’s not what this article is about. Here, cost-cutting refers to cutting down your business expenses by making simple switches to save money. Want to know more? Read about the switch-ups you can make to save your business money today.

Slash your utilities

Changing your utility providers should be one of the first things you do to cut costs in your business. It might take a bit negotiating, but it’s possible to cut a lot of money off your annual bill through haggling or changing providers. In addition to cutting the supplier costs, you could also find other ways of lowering your business’ utility bills to reduce those monthly outgoings.

Cut your tech spend

While your business might rely on technology to carry out day to day functions, does it need so much of it? If you take some time to analyze how your business uses technology, you might find that it’s not being used as much as you thought. Find ways you can cut your spend such as switching to a leasing company instead of buying outright and switch your phone contract providers. Even switching to a different tariff could provide you with some savings, so try exploring the different options available to your business.

Switch your external contracts

Whether you work with external marketing agencies, payroll, fulfillment companies or other external contracts, remember to review your agreements regularly to see if you could be getting a better deal elsewhere. You could save money by switching to another supplier, like Red Stag Fulfillment who could provide the same if not better service at a lower rate than your current fulfillment company. Going through a tendering process could be the best way to ensure you make savings while getting quality suppliers competing for the job. Think about your approach to choosing suppliers and whether there’s anything you can do differently to save money.

Move to online systems

There are many business functions that can now be used online to save businesses money, while also providing further security. There are many benefits of cloud computing that can make your workplace more productive as well as save on server costs, while online payroll and accounting software are also useful for your business. Price up the different costs of moving to online systems versus what you pay now to help you get the most bang for your buck.

While there are some active solutions for how you can save money for your business, there are also some proactive work you can do avoid hefty business costs. Protecting yourself against common business financial woes will help you avoid costs that could affect your business’ finances, undoing all of your other savings efforts. Give serious consideration to how your business can save money and start reducing your spend now.

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