How to minimise your business expenses

Money makes the world go around, and when it comes to business survival, every single penny counts.

Balancing the books gets harder in difficult economic times, so if you can find ways to cut a few costs here and there, and keep them low, in order to minimise your business expenses, then your business will not only survive, but flourish ahead of the competition, and that’s what it’s all about, right?

If you’re a small business, you’ll be feeling the pinch more than the larger organisations, but simple adjustments can go a long way towards brighter financial times.

See if any of these suggestions could work for your business.Minimise Your Business Expenses

Make technology work for you

Everything seems to be technological these days, but there’s a reason for that. Look at how technology can help you in your daily business and where it can minimise your business expenses. For example, can you make use of Skype to conduct interviews and conference calls, instead of using a landline and having to pay for large phone bills etc. There are countless ways technology can help cut costs and help your business run smoother.

Go paperless

Apart from saving the planet, which is a good enough excuse on its own, switching to a paperless office means you avoid the cost of paper, ink, and postage, which adds up to a serious saving over time. Use emails, social media, computer filing, digital invoices – again, technology will help you save.

Online marketing

Social media has a lot to answer for in many ways, but in the business world, online marketing is big business. You can spread the word about new services and products easily via Facebook and Twitter and it costs nothing! Low cost marketing will bring you big dividends, especially if you think of smart ways to use it to your advantage. Why don’t you set up a blog that you update regularly, or send a digital weekly or monthly newsletter keeping your customers informed and up to date with what’s going on in your business, and giving people incentives to recommend you to their friends and family. Word of mouth is huge!

Budget, budget, budget!

It sounds boring, and yes it is, but budgeting means you create a personalised plan and you stick to it! This is a sure-fire way to identify problem areas and minimise your business expenses. Sit down, be brutally honest, and draw up a plan, using the help of an accountant if you need to.

Location is everything

It’s no good renting a beautiful Zen-like office space if it costs you the earth, and equally, it’s no good being located in the middle of the city centre where the rent is through the roof, if you really don’t need to be there. Look honestly at where your premises are based and ask yourself if you could relocate to make things cheaper. Then there’s always the option of working from the comfort of your own home to save on costs, if you can! These are all very important questions you should be asking yourself to help minimise your business expenses.

In summary, money certainly does make the world go around, and if you can find ways to save your money, your world will spin in a much more successful business manner.

It’s our domain at IQ Accountants to get to know your business and find the best ways for you to move a few things around, which in turn, will help you minimise your business expenses in the easiest possible way. Don’t hold off any longer, call us today on 5576 0011 and let us take a load off you!