With the cost of living continuing to skyrocket and showing no signs of slowing down, we wanted to use this month’s blog to provide you with some top tips for reducing your business costs! As a small business, it can be challenging at the best of times to maintain business operations whilst keeping in budget, so we really hope our tips can help you keep costs low!
Increasing energy prices are proving to be a problem for both businesses and individuals. Although it may sound obvious, making sure all devices are turned off when they are not in use is crucial to keeping energy costs at a minimum. It is incredibly easy to leave computers, laptops and other electronic devices plugged in even after we’ve finished using them as these innocent acts can unfortunately often lead to an increase in energy bills. As soon as your working day is finished or you are on a lunch break, switch those devices off and keep those costs low!
Another top tip for reducing your business costs is to consider switching banks. Although you may have been with a certain bank for years, scouting the market and looking to see whether alternate banks offer better interest rates and lower charges is an excellent way to minimise costs for your business. Moneysavingexpert.com is a superb comparison site which may be able to find a cheaper bank for you to work with!
Consider shared office space
Whilst it is amazing to have your own office space, extortionate rent prices combined with the newly common hybrid working style, could present the opportunity to work in a shared office space. Not only will working in a shared office space help you to cut costs but will also remove any guilt associated with working from home, if you feel like you need it! WeWork is an excellent example of shared office space/hot desking, and we would truly recommend looking into company’s like this if you require some financial freedom and reductions!
Plan Plan Plan!
Our final top tip for keeping your business costs as low as possible during these turbulent times is to plan plan plan! Taking a small fraction of time out of the start of each quarter or month to carefully budget your expected outgoings and expenses for the coming months will really contribute to keeping you on track. If you don’t have budgets in place, it will become increasingly harder to know whether you are overspending or not. Creating a spreadsheet with your monthly expenses is a great starting point, however if you feel like you need a bit more support than we suggest reaching out to one of our amazing team! We’ve got you covered.
We really hope that our 4 top tips for keeping business costs as low as possible will truly benefit you and your business moving forward. Always keep in mind that we are only a phone call or email away if you require any advice, support or some accounting assistance. In the meantime, all of us here at Bedford Accountants wish you and your business all the best, we know you can get through these challenging times!