There are no shortage of actions that you can do in order to maintain your business costs under control. The main challenge of the game is to prioritize. The most optimal to initialize is by focusing on straightforward and simple methods that can immediately save money. Turning the heating down, switching off equipment that is not in use, and getting rid of unused telephone lines are only few of the obvious steps.
The next step to take is to move onto more heavy cost control measures that requires more analysis such as making your production processes more efficient and reducing payroll costs. Making your business much more efficient by doubling it or tripling it by improving the way your business works is the main target at this stage. In order to reduce space requirements and travel costs, you might also contemplate about introducing home working or hot-desking or moving to a cheaper office.
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You could start with some of the following steps for easy savings:
For overcharging, check the supplier invoices. You might have been charged twice for the same item or missed out on some promos or discounts. Until you have confirmed that you are paying for the correct items, do not sign that cheque.
Limit the costs of communications. Using your corporate intranet, using second class postage, using email wherever possible in order to avoid repeating unnecessary meetings and information can all aid in saving money. Switching to a cheaper telecoms supplier, at a later stage, can also be thought about.
Efficiently utilize energy. This includes installing energy-saving light bulbs, not heating your business areas at night, and switching off PCs and other equipment which are not in use.
Some of the fundamental aspects of your business could be reviewed as a next step for long-term savings:
Relocate your business premises. Think about whether you could run your business from home and stop renting an office or move to a cheaper premises.
Reduce the cost of your payrolls. Is it possible for you to move your payroll process to another cheaper system, or make greater use of the current technology? Outsourcing your payroll to an accountant or payroll agency is also another option you may also want to think about. There will be an amount to pay for this, but it can potentially work out cheaper in the long run.
Look for low-price suppliers of goods and services. Instead of buying goods, you might also consider leasing them.
Make your production much more efficient. From your production processes, could you reduce waste? You could think about lessening your product range or altering components in order to lower manufacturing costs. The risk of products being rejected or having to be reworked could also be reduced by improving your quality control procedures.