There’s no denying that the general economic outlook can be considered as shaky at best. Things like Brexit are threatening the stability of the UK (and Europe), and then there’s the new Trump administration in the United States. As you can imagine, a company will want to make sure it keeps its cost down as much as possible in such turbulent times.
But, what if you want to do some “extreme” money-saving in your business? No, I’m not talking about hiring only volunteers and running your company out of a shack! Believe it or not, there are some practical steps you can take to ensure your firm isn’t wasting money. The following are five extreme methods that will start delivering real results from now!
- Don’t pay tax unless it’s necessary
It may shock you to learn that you could be paying more taxes than you need to! Quite often, companies fail to audit their income and expenses for tax savings. Things like grants and reliefs change all the time, and so too can your financial circumstances.
It’s likely that you have an accountant checking your financials on a regular basis. But, how good are they at spotting ways to cut down on your taxes? If your accountant isn’t doing their job properly, fire them and get someone better on board. Your company’s bank account will thank you for it!
- Outsource functions to reliable providers
All businesses outsource something to a certain degree. But, are you outsourcing enough? Keeping most things in-house may offer a sense of control over what you do. However, is it saving you money?
You can outsource many functions without compromising on quality or performance.For example, you could move over some HR functions to Qualitas payroll. And you could stop using expensive accounting software and use a cloud-based solution such as QuickBooks.
There are all kinds of things you can outsource, such as:
- Warehousing and logistics;
- IT support and systems; and
- Sales and marketing.
In fact, you could outsource everything if you felt like doing so!
- Use the Internet to find new recruits
Traditionally, a business would hire a recruitment agency to find potential new employees. Thanks to the Internet, a company can carry out that work themselves for free! Websites like LinkedIn make it easy to “headhunt” people and look for suitable candidates.
- Go green
Are your utility bills costing you a small fortune? If so, you may wish to consider investing in alternative energy sources. If you have a large building or industrial unit, you could use the roof to harness solar power for electricity and heating. A business situated on a large plot of land could also install a wind turbine for the same purposes.
- Join forces with other businesses
Is there another company with whom you both sell products and services to each other? It could be in both your interests to join forces.
For example, a web design agency could offer graphic design as a value-added service. And the graphic design company can provide web design as a service to their customers.
You could offer each other discounted rates, and free of charge services for in-house requirements.