This is a collaborative post
There are so many businesses struggling at the moment with Covid-19, while Government does have some support, there are things you can do to reduce costs. Initiatives such as small business Saturday are to be welcomed, this isn’t enough when lockdown means you can no longer open your premises. So what ways can you cut your costs and still keep your business going? Below are just a few suggestions.
If you have a landline then either ditch it altogether and instead make use of your mobile phone or opt for a virtual phone line that you can use online. Check with your provider to see what options they have.
If you sell items that require you to send these on to customers, then instead of printing a goods invoice, email it instead. This way you are saving on the cost of ink and printing. Using a digital invoice will also save time in the long run.
Up your game on social media to attract more customers. Making use of paid adverts are a cost-effective way of enticing new customers to your online shop. These are often more cost-effective than placing adverts in print media.
Check that you have the best deals on all your expenses, even insurance for your vehicles, you can find out more here on getting the best deal for your car or van insurance. Ensure you are also claiming business relief on any items that you use for your business especially if you are working from home. Tax relief will come in very handy!
This means working through your income and expenditure and setting yourself a budget for your business. Of course, it can be difficult projecting your income but break it down month by month to see where you need to spend money to increase business and where you can cut costs.
If there is one thing that lockdown and Covid-19 have taught us, it’s that many people can work from home successfully. Depending on your business you may decide to start working from home. This can also be done if you have any employees. This would cut down on renting premises. However, you will need to conduct a risk assessment for all staff to ensure they are safe working from home.
Software and Hardware
Ensure you are not paying for monthly software that you no longer use. Check the licenses you hold for software and see if you can reduce the fee if there aren’t as many people using the application as you originally thought. In terms of hardware, if you have old computers or equipment lying about, sell these on. Some companies will purchase old equipment and recycle it.
These are just a few ways to help you reduce your business costs, no matter the business you are in. Treat your business as you would your personal finances and get the best deals you can. This will ensure you can move forward with your business in a positive way.