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16 December, 2022

Ten ways to reduce your business costs

16 December, 2022
  1. Explore an alternative place of business. Does the allure of Dubai or Cape Vere suit everybody? No, so think about what you will and will not need and whether it is flexible.
  2. Draw up a budget if you need help, speak to an accountant, but understand how it is put together and allow for reasonable unknowns.
  3. Move marketing online. If you have not, then check it out, it is cheaper and sometimes more effective.
  4. Have you considered working with other businesses? Excess equipment could be bartered or shared if it is practical. Not pennies received in an auction.
  5. Consider using part-time or freelance staff. Many seek to offshore to exotic places before doing so, consider precisely whether it will save time and the control you have.
  6. Everybody sees a monthly drip ranging from heating to mobile phones. Even accountants make sure you evaluate regularly not automatically to review. Please go through the standing orders and the direct debits, check out the value given and are you making use of it?
  7. Avoid unnecessary charges for finance. When collecting credit card, watch out for company cards. They can charge 4%, not the same rate as personal credit charges, going cardless is excellent but check out Cresso – they have no charges for UK receipts.
  8. See what your bank is doing, cutting their costs/overhead and charging you more.
  9. Be aware of challenging and don’t just look at price because, very often the cheapest is never the most inexpensive once you have put your time in to make it work
  10. Make sure you have the proper tax reliefs, whether it is buying new equipment or making pension provisions so much of the tax system is inter related and effectively, more and more people will fall into higher rates of tax quite apart from companies.