10 creative ways to cut your overheads 3

Businessman struggling with large Expenses

Making a profit and generating cash is vital to all businesses and a key way to improve profit is to reduce overheads, here are a few ideas:

  1. Re-think your office/premises requirements – Premises are big cost for most businesses, could you operate in a smaller space and sub-let part of your offices? could you work from home?
  2. Telecommute – Technology effectively reduces distance, so there is no need to require administrative people or specialists to be physically located together. Use VOIP, Skype and Video Conferencing.
  3. Cars – Company Cars can be expensive, time consuming to manage and emotive, why not consider car allowances
  4. Staff – Generally the biggest overhead is people, consider outsourcing rather than having the fixed overhead of in house staff
  5. Shop around – Are you getting the best deals on Stationery, Printing, Insurance, Light & Heat…..
  6. Students – Students, apprentices and interns are eager to learn and will be less expensive then experienced employees
  7. Refinance Debt – Could you reduce the cost of borrowing? could you borrow from your Self Invested Pension Plan?
  8. Paper –  Sorting, filing, and finding files requires time and space. Purchase a scanner and scan all important papers and keep them in well organised electronic files to save space and administrative costs.
  9. Go Green – Reducing waste and saving energy will save money too
  10. Buy Second Hand – Second hand office furniture is plentiful and its cheaper than buying new

steve@bicknells.net