Hi everyone, we believe that cutting costs for your business is equally important as generating sales. By cutting costs smartly you can optimize your business so you can achieve or maintain profitability. Below are some tips on how you can cut costs and save money for your business based on our work with our clients.

Know your numbers!

Knowing your financial information is essential. This might sound simple, but we find that many business owners don’t have a clear picture and in-depth understanding of what their numbers really mean. Having an experienced accountant or bookkeeper to review with you periodically where areas of opportunity are is a good step in that direction.

Use a budget

Use your budget as a tool, not just as a spreadsheet that is never opened. Check your performance against your budget monthly and identify any areas that can be improved or opportunities you can capitalize on.

Outsource, outsource, outsource!

Look at what functions your business needs and identify the ones that don’t require full-time staff. There are so many benefits for outsourcing such as paying only for the work you need done, having a specialist work on specific projects and of course, (our favourite!) valuing your own time so you can put it into actual revenue generating activities. Some of the best services to outsource are bookkeeping, marketing and IT.

Review your software costs regularly

Reviewing software costs regularly can save you save you a lot of money. Sometimes there are recurring software charges on your credit card for software you don’t use anymore, or you don’t really need. Check every month and evaluate. There are also great alternatives to paid software that can work for your business. Do you your research and check for open source software or if the free version of the software you already use has enough features for your needs.

Go green to save green

There are many ways to reduce your costs all the whilst you are saving the environment. Some of the options that we use as a company include going paperless, turning off equipment and computers when we don’t use them, and using video conferencing instead of traveling to meetings.

Every business is different, that’s certain. But also every business can find some opportunity to cut some redundant costs if they dive into their books. Even if you think you’ve trimmed all you can, it’s always worth having another look and doing so regularly.

Book your complimentary consultation today!

Book your consultation

Book your complimentary consultation today!

Book your consultation