Resolutions are two a penny as we start a new year, but one that every business should make each and every January is to check they are getting the best deal on everything they buy in.
It sounds obvious – and it should be. Yet an audit of office invoices and expenses will often reveal unexpected costs, or contracts that are far from competitive.
With this in mind, we have pulled together a list of some of the most popular things to check, and solutions for how you can improve your company finances without cutting anything out:
1. Are you paying for services you don’t need? And if you do need help, eg with accounts, are you getting the best value possible? Look, if possible, for someone local who may be able to do a skills swap or at the very least offer a reasonable price to fellow small to medium businesses.
2. Consider also your advertising and marketing budget. While you will certainly need to do both of these, are there ways you can do some elements for free and thus bring the total cost of campaigns down? Local networking groups and social media pages can be very useful, particularly for those offering a service, while having your own active Facebook and Twitter pages can help more people find you than ever before, for minimal cost.
3. Check out other contracts, for merchant costs or security. Are you paying too much for what you need? Again, networking with other local businesses can be advantageous not only for sharing contacts, but also for finding out what the going rate is for various services and who the best providers are locally.
4. Work out if there are any steps you can take in the office to reduce waste, such as going paperless. While having a positive impact on office costs, it will help the environment as well.
5. Check out what you are paying for utilities, including mobile and broadband contracts. While homes are often urged to check and change energy suppliers, businesses often forget to do this. And it can be just as lucrative to switch your telephone or broadband supplier too. You may end up with a faster connection and better signal to boot!
So there you have it – our top tips for reducing costs in the office.