When you’re a Business owner, a dollar saved is truly a dollar earned. While overhead costs aren’t completely avoidable, when you take time to lower your variable costs, you can turn more of your revenues into profits. From telecommunications bills and utility bills, to business insurance and auto insurance premiums, overhead costs can quickly add up. If you’re a money-savvy business owner, here are six tips to take more money home by saving on overhead.
1. Outsource Core Functions
There are several different core functions you are responsible for. From bookkeeping and human resources, to accounting and Technology, you’ll need to learn different skills if you want to stay afloat. Just because you’re an expert in your field doesn’t mean you’re an expert in payroll, taxes, or computer software. If you want to be able to put your focus on what you know, consider outsourcing some core functions. The cost of outsourcing is much lower than the cost of employing an in-house specialist that you won’t need full-time.
2. Consider A VoIP Phone Service
If you have a traditional business phone service, consider the benefits of switching to VoIP. This modern phone service is a digital service that will run through the Internet. Unlike other types of service, you can have a professional phone system without spending a fortune with a VoIP service provider. The main reason VoIP saves business owners money is because features like main greetings, personal voicemail, call forwarding, call conferencing, and caller ID are included in the basic plan.
3. Save On Your Insurance
Business insurance is a must. Your insurance portfolio protects your business, and could be the difference between closing your doors and staying open in the event of a catastrophic loss. If you want to lower your premiums, installing a security system. These systems will keep your inventory and business equipment safe, and qualify you for a security discount.
4. Use Teleconferencing To Save On Fuel
If meetings are routine for you, cut your fuel costs by using an online teleconferencing program. These programs allow you to meet with a client or partner miles away without ever having to do the commute. You’ll be amazed at how quickly you’ll start to notice the savings.
5. Sign Up For Loyalty Programs
You need office supplies. The cost of paper, pens, printer ink, and file folders can quickly add up. By signing up for a loyalty program through your favourite office supply store, you can receive discounts and rebates on what you buy to save money.
6. Look At Good Business Models
Find a company like yours that is doing well and see how you could take their ideas, apply, them, and even make them better. You can find a local company or a national brand and learn lessons from its business strategy. If you don’t know which company you should look at, just begin paying attention to companies around you. Who is respected? Who has the best customer service? Who is the least respected and why? If you are still having trouble, you can search for companies in your industry. For example, “Everett WA Home Automation System,” if you are in the home security business.
There are plenty of ways to save money as a savvy business owner. Take a look at all of your expenses. A majority of these variable expenses can be reduced if you’re resourceful. Earn more profits and ultimately get more bang for your buck with these money-saving tips.