Mismanagement of company finances is a fairly common problem, especially in small businesses. Of course, this mismanagement is not usually deliberate but generally happens when people are unaware of the best ways to manage various company expenses. In some cases, those managing the finances aren’t aware of applicable rules which apply to them. For these and many other reasons, many businesses fail despite their having huge potential in their market. In order to avoid this happening to your business, it would certainly be helpful to know of the many ways you could potentially be saving money.
Don’t Use Paper
For one reason or another, paper is still extremely popular with all types of businesses. Corporate memos, announcements, letters to employees, paystubs, and contracts are being printed out and used extensively. While some of these documents absolutely need to be on paper, most cannot and should not be printed out. Company memos, for example, do not need to be printed out as most employees will spend a few short moments reading the memo, only to discard it. Is there any significant reason these messages can’t be delivered electronically instead? Understandably, many of these memos contain information that is necessary to be read, but rather than using paper to ensure the document is seen, you could require a read receipt in your e-mail application.
Use a Serviced Office Rather Than a Standard Lease
Most small businesses are unaware of this valuable time and money-saving tool. Serviced offices, such as the ones offered by BEOffices, save you time and money by removing the need for you to purchase expensive items, or pay additional employees. For example, if you’re expanding to an office from your home, you might need to purchase quite a bit of equipment and furniture. Using a serviced office would save you the time and money up front, and prevent you from needing to purchase many of these items. If you could benefit from having a receptionist, using a managed office would benefit you as a receptionist would be provided and included in the contract.
Hire Virtual Staff
There are many tasks that can be done at a very low cost by virtual staff. There are tools available on the internet which can help you find virtual staff members that are happy to work for much less than local employees could. This is because virtual staffers are available for hire from other countries where the cost of living is much lower than it is locally. This saves you the time you’d need to use searching for and then interviewing local staff.
Buy Frequently Used Items in Bulk
Depending on your business, there may be small things that your office needs in order to do business. Wherever possible, you should attempt to purchase these items in fairly large quantities. Buying items in these warehouse quantities is much cheaper in the long term. Of course, you shouldn’t buy everything in bulk, just items that you expect to consume in large quantities. Even if it will take you a year or more to consume a large quantity of paper, for example, a bulk purchase will save money, and make it easier to do business during the time that the bulk is on hand.
Infographic created by Clover, a payment processing company