6 Ways to Reduce the Cost of Running Your Business
While prospects for SMEs may be looking better, many cash-strapped business owners still need to be cautious and look for ways to reduce the costs of running their businesses. Here are a few ideas:
1. Analyze your premises.
Do you really need to be in the CBD? Could you work out of town from a cheaper (maybe industrial) area or from home? Perhaps you could encourage staff to work from home or hire contractors responsible for their own work space. Technologies such as the cloud, Dropbox or Skype mean it’s never been easier to keep in contact with remote team members.
Can you cut down on inventory so you can downsize your premises? Rather than renting premises, can you buy a house in the right zone and use this instead? This way, you would be investing for yourself rather than helping someone else with their retirement plans.