- Review everything: Do you really need a piece of software you used once 8 months ago? Is the coffee pod subscription necessary? How much use is the company Netflix account getting? If it’s providing value, great – keep it. But you’ll be surprised by the number of things that you’re paying for that you’re just not using.
You may not even be aware you’re spending money on these things – so it’s important to do a thorough spending analysis.
- Not using it? Sell it
Computers, monitors, TVs, phones, printers, desks, chairs. You’ll have things in your office that you don’t use anymore. Pop them on an online marketplace (5 best sites to sell your stuff and make some quick cash) and see what you can get for them.
At the very least, you’ll free up some space.
- Remote working
The pandemic showed us that remote working, when done right, can be just as efficient as office work. And of course, there are address services that allow you to give the impression of being based in a prestigious location, when you are actually working from home.
However, if working from home just isn’t for you, consider relocating to a less expensive space, or one that would reduce your commute.
- Look after your team
It starts with hiring the right people – then, once you have them in the door, you need to give them enough reasons to stay.
Demonstrate the opportunities for growth in the business. Invest in company culture. Offer benefits and rewards. Avoid micro-management.
It may sound expensive (and challenging) but it’s nothing compared to the cost and admin involved in finding more great people.
- Outsource
Don’t waste your time plodding through tasks that you don’t excel at. To be a successful business owner, you need to use your skillset wisely and know when a job needs to be delegated.
Whether the solution is getting a freelancer onboard or using an online tool, take a step back and consider the value of your time and how it can be put to better use.
However, don’t confuse tasks outside of your expertise with tasks that you don’t enjoy. Sometimes you will be the best person for the job.
- Go paperless
Cutting down on the amount of paper that your business uses is good for your pocket and the planet. There are a number of ways that you can scale back your paper use: Encourage digital note-taking, discourage print-outs in meetings, introduce hot-desking instead of fixed desks (this reduces clutter), and move internal documents such as company handbooks to the cloud.
- Buy second-hand
Regardless of what you’re doing, you probably don’t need the latest bit of kit to run your business properly.
Forget about buying brand new and make it a habit to shop around for second-hand goods on sites such as Amazon, eBay, Gumtree, and Facebook Marketplace.
Also, when buying electronics – big brands such as Apple often have areas on their site dedicated to refurbished equipment.
- Team timing
If you do employ staff, are they working at the right times? This is particularly relevant to service industries where certain parts of the day are significantly busier than others.
Analyse when you and your team are flat-out and when there are lulls – then tailor shifts to ensure you’re covered at the correct times.
- Turn it off
If something is not in use, and it’s not imperative that it stays on (for example, a server), switch it off. Now is the time to change those costly habits.
- Recruit smart and young
Employing talented but inexperienced people will generally cost you less money and often broaden the scope of your business.
By recruiting young talent, you inject fresh, cutting-edge energy into your business. And it’s affordable.
- Look at your accounting
If you’re not an accounting expert, pay a professional – or use software to do your accounting for you.
A good accountant will be able to ensure that your personal finances and business finances aren’t mixed up, that your bookkeeping is done correctly, that your tax calculations are correct (you’re not paying too much or too little), and that deadlines are met. A good accountant can often save you far more money than they cost.
And fiflow.io is a good option to try.
- Do a skills audit on your team
Before you take on new staff, review the skillset that your existing team has. You could be employing multilinguists, coders, writers, etc – without even knowing it.
As and when you do unearth hidden talent, talk to your employee about how they want to develop this within the business. It really is a win-win.