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Are Overheads A Necessary Evil Or Just Plain Evil

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It doesn’t matter if you are a big business or a small company, your biggest expenditure is your overheads. Of course, operating costs are one of those necessary evils we must all endure. There is no escaping it. After all, if you want to make money then you need to spend money.

If you don’t know what we mean by overheads, we are talking about the expenditures that are part and parcel of running your company. Things like rent, utility bills, office supplies, employee wages and advertising costs; that sort of thing. Yes, these are all normal, but it doesn’t mean you cannot cut them down, or out.

And here is how:

Invest in An Accountant

This is always one that makes people’s face scrunch into a frown, but by spending money on an accountant you are likely going to save money. Yes, a bookkeeper or accountant will charge you a lot of money but, not only will they ensure that everything is in order (saving you a ton of time and effort), they will also be able to find you ways to reduce your tax bills that you didn’t know about.

Get Rid Of Your Fleet Of Vehicles

Companies tend to do one of two things; they either have a pool of cars that employees can use, or they offer a company vehicle as part of their benefits package. If you do the latter then chances are it is for a reason, such as driving is part of how they bring in new business. If you have a pool of cars, however, then get rid of them. It costs money to own, maintain and insure cars. Instead, why not save yourself some serious cash by going with an executive car hire company. Not only will this save you money and free up some parking spaces, it will also make your company seem more professional next time you show up for a meeting. That’s a double-win.

No More Paper

Going paperless has so many benefits. It will allow you to declutter your office, help the environment and save you money. We live in a technological age, one where you are able to effectively store data either locally or on the cloud, allowing better efficiency and thus higher productivity. Everything can be done with tech these days, so go with the times. No paper equals more money. No need to buy ink means more money. No need for ink means no need for a printer, so sell it for money.

Reevaluate Your Office Needs

Commercial property is rented out based on the useable square footage, so make sure you are using all of it. If you are not, or you could be more effective with your space, then you have two options. The first is to downsize and find somewhere smaller, more suitable and cheaper. The second option is to lease out the space you are using. There are plenty of startup companies that need to rent office space but can’t afford to go it alone, so why not capitalize on this demand. It could be that they offer a service you could do with too, from which a wonderful relationship could blossom. Now that is a happily ever after.

 

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Endeavour News

Endeavour Magazine (www.littlegatepublishing.com) is dedicated to bringing you relevant, up-to-date news every day that will keep you abreast with the current developments in the industries that interest you.