Need to reduce overheads??
In the current climate businesses and start-ups are looking for ways to reduce business overhead costs while still being efficient. I have seen a lot of businesses do this very efficiently but have also seen what can happen if this goes wrong. Ifs well known that if you want to increase your profit, one of the fastest ways to do this is reduce overheads.
My business is one of the most popular ways that companies stay professional whilst keeping their overheads low, so I have a vast experience in this. It is one of many ways.
So how else can you do this effectively without cutting corners and affecting your service. Here are my three top tips to help cut over
1. Track where the money goes – While this is not always possible, especially when your business grows, it is important to understand how and where money is being spent. Knowing you figures will allow you to really get to grip with where you can save. It may take some time to understand by persevere. It’s the biggest way you will know how your business is growing, or not.
2. Outsourcing – This can work very well in reducing overhead costs but ensure that its quality and professional outsourcing you use. Outsourcing can provide great savings on necessary services such as your office, IT and accountant, and it’s always very beneficial to surround yourself with professionals. Always satisfy yourself however that you are receiving value for money.
3. Hire employees consideratly– If you have employees, this will be a large part of your outgoings. It’s really important to ensure that you take on the right employees with a clear description of their roles, and also to review these roles regularly to ensure that your business needs are being met. Multi training your employees may increase flexibility too.
Make sure you schedule regular overhead reviews that examine all your businesses expenses. You may be surprised to find a considerable amount of savings each time you do
Until next time..
Richard cooper – Virtual office Visionary
Follow me @holdeverything1