Whenever you are able to lower costs in your business, the extra dollars go straight into your pocket – which is exactly where you want them to go. But how exactly do you go about lowering costs?
Read on to find out!
It is important to know exactly where all your money is going. The best way to eliminate unnecessary costs is to scrutinize each and every charge on your bank statements, credit card statements and business invoices. Ideally, this type of cost elimination should be done on a regular basis, not only to detect and prevent fraudulent transactions, but to ensure that you don’t pay for anything you don’t really need.
Next up is auditing of all suppliers and vendors that you work with. If you have been with a particular internet provider for a number of years, it is almost guaranteed that you will receive a reduction in your monthly rate, if you mention to them that you’re thinking of switching to a competitor.
When it comes to telecommunications, your long distance service provider should offer a flat rate which means that you pay the same premium on a monthly basis, no matter which country you call.
Then there are office supplies – perhaps the most overlooked of all expenses. First determine whether you really need all the supplies you are purchasing on a regular basis, and if you do, ensure that you are buying them at the lowest price possible – even if it means switching to a competitor.
If you are renting an office space, it is necessary to employ janitorial staff. But it doesn’t have to be a professional janitorial service. Instead, you could simply offer the opportunity to a student who is looking for part-time work. This would save you money and offer the student a much-needed employment opportunity.
The above-mentioned is just the tip of the iceberg when it comes to cutting overhead costs. There are several more factors to consider, including the cost of rubbish pickup, maintenance, landscaping, outsourcing services, overtime, and subscriptions.
My name is Allan Hirsh. I am the author of 45-Minute Breakthroughs and an Executive Business Coach. Contact me to book a consultation on how you can save even more on your overhead costs and grow your business to new heights: https://ahaonlinelearning.com/#contact