How To Tighten Your Belt Without Compromising: Advice For Entrepreneurs.

404
Comments Off on How To Tighten Your Belt Without Compromising: Advice For Entrepreneurs.

Managing money is challenging at the best of times. During the pandemic, it has been increasingly tough for businesses to stay in the black, and many are now looking for ways to cut costs. If you’re keen to tighten your belt without compromising, there are ways to save without sacrificing quality or customer service. Here are some tips to help you make your money stretch further. 

Embrace remote working

Millions of people are currently working from home. While it may have taken a little time to adjust to working in a home office or taking calls from the kitchen table, studies suggest that many employees enjoy working from home. For employers, this is great news, as remote working offers an opportunity to reduce expenses dramatically.

If your business is continuing to function efficiently and effectively with remote teams, and your employees are happy to continue working from home, it’s worth exploring the option of increasing home-based hours or even getting rid of offices altogether. You may find that you don’t need a central base and that you can hire office space if you’re organizing a meeting or working on a group project.

If you are sticking with home working, it’s essential to communicate with your team to make sure that everyone is on board and to invest in solutions, which enable employees to be as productive as they are at the office. 

Photo by Ken Tomita from Pexels

Shop around for the best deals to lower expenses

Most businesses have an extensive list of expenses and outgoings. Generating orders and bringing new clients in is excellent, but your profit margins won’t grow if you spend too much. Whether you have a fleet of company cars, you pay for staff to attend meetings out of town, or you rent premises, it’s wise to carry out an audit to analyze spending and highlight areas where you could cut back.

Look at personal and business contract hire options to lower the cost of company vehicles, compare prices on hotels and flights to lower expenses and consider replacing face-to-face meetings with video conferences and calls, and look for better offers on rental deals.

It’s particularly beneficial to shop around if your lease is coming to an end, and you’ve decided that you want your team to spend more time working remotely. You could save a vast amount of money by downsizing or moving to a location that doesn’t occupy a slice of prime real estate. 

Image by Free-Photos from Pixabay

Outsourcing

Outsourcing is very popular. One of the main reasons for its growing popularity is the opportunity to save money. When you outsource, you can access the skills and services you need without hiring new employees. If you’re looking to run new promotions to drive sales, for example, and you don’t currently have any employees with marketing expertise, you might be thinking about advertising for a marketing executive.

Before you place an advert and start reading resumes, consider outsourcing marketing. You can work with an external agency, which will design and implement campaigns for you in exchange for a monthly or annual fee. 

Image by Mohamed Hassan from Pixabay

Balancing the books is a challenge for businesses, not least when there is a pandemic. If you’re trying to cut costs, take these tips on board. 

About the author

Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com