It is every business’ focus to bring in more business and increase their profits. For small business owners, and startups, it is understandable that their focus is mainly on the latter. One common way in boosting profits, which business owners usually forget, is through cutting on cost and expenses. Business owners tend to focus all their attention, effort and time in doing more sales, getting to win new accounts, etc. But cutting expenses is one underrated but very helpful way to increase profits.
It is not easy to consistently bring in sales in fixed amounts in fixed time. Competition in almost every industry is steep, and there are many other out-of-control costs that may arise through the course of every business’ day. Keeping firm track of your expenses may be of great aid.
1. Office Space
It is known that one of the top biggest costs of every business is office space. While it is true that having an office space entails a lot of pros rather than cons, doesn’t mean you have to cash out big amount of money from your profit just so you could get your business an office.
Gone are the days when only large companies have the capability to get an office space. The serviced office industry has been around for a good number of years already and has made their mark on the market. Going for serviced offices is one great way to go for to cut your office space expenses. The really good thing about serviced offices is the flexibility it offers unlike traditional office spaces. Usually, traditional office spaces require longevity in the contract of lease. On the other hand, serviced offices are offered in very flexible terms that would cut your capital cost for your office space shortly.
2. Virtual Office
For startups and small businesses that do not see the need for an office space but would like to present a stunning and impressive image to attract bigger accounts to tap, getting a virtual office is the way to go. Enjoy the prestige and opportunities business with office spaces have without having overhead costs. Work from the comforts of your homes but maintain a brand image for your business altogether for just a fraction of the cost.
If you are the business owner and your business’ type is always on the go does not necessarily need a physical office everyday, you may op to go for virtual offices. Discover endless possibilities with what virtual office space can work and bring in for you.
3. Hiring Staff for a specific Job
It is the conventional way to hire a staff for a specific job doing a set of specific tasks in a company. In fact, still a huge percentage of businesses prefer and do this.
In this era, digital reinforcement and application in so many things are now being slowly adapted by many industries. One way you can cut cost in hiring staff is through hiring virtual assistants do the job for you. It can save you more money and lessen your cost because since they are virtual workers, their pay is also not as big as the ones whom you require to do physical office presence. Get the job done at just a fraction of the cost. One more way you can do this is by looking for companies who offer professional business support. One of the many pros of availing on business support services in a company is your assurance in the quality of the job they are going to deliver.
4. Internships
Sometimes the productivity of your business is slow because of the many nitty-gritty tiniest details you and your staff have to work on. Instead of hiring another person to take care of things like this, you may call your local college or any college or university you prefer and ask about providing internship programs for they’re soon to be graduates. You don’t have to spend to get the job done all the time.
5. Supplies
Oftentimes, business owners, or purchasing managers tend to buy things in bulk because it seems that the more stocks they buy, the less cost it would mean for them. But coming to think about it, if you buy 80 pieces of marker pens, were the cost really cut? Does my company really need this much amount of marker pens? Most likely your employees will only lose it knowing there are many stocks left to replace the lost ones with. You can start reducing cost by what spending only for what you need today than anticipating what you will need in the future and ending up spending more than you actually should.
6. Paper
Saving on paper is one of the most popular and most used way of cutting cost in almost every office. You can start doing this making use of online space storage and file sharing software and applications online, such as Google Docs, Microsoft Office Live Workspace, DropBox, etc.,
7. Advertising
There has been a study that in order for consumers to actually take action and purchase your product or service, they need to see your advertisement message seven times (on average). Considering the number of times on average you are required to make consumers see or hear your message, you are doomed with costs if you are thinking about going for traditional advertising such as print, radio, esp. television.
This is the digital era where the digital world is starting to be more in terms of reach, speed, and cost! There a Google banner ads, Google ad keywords, sponsored Facebook ads, sponsored tweets, sponsored Instagram posts, etc., It is also a well controlled form of advertisement in which you can target your advertisement reach to your specific market. Comparing it to traditional advertising wherein you barely have control as to which it reaches, or if it even reaches your niche or target market.
Cutting expenses on things business owners tend to forget to give attention to is one great way to get you and your business more profit. Since many business owners and entrepreneurs tend to overlook these things, make sure you don’t. It’s also way to get ahead.
As for the big expenses like serviced office space, or virtual office, hiring staff or availing of business support services, you may look into CEO SUITE. CEO SUITE offers complete office solution in Asia.