No matter the size of your company, or the markets in which you operate, you could soon find yourself losing money fast if you don’t take the necessary measures to keep your budgets and expenditure in order. It can be difficult to keep tabs on your business spending, if you don’t plan ahead and include budget as part of your annual plan. Business travel, high cost stationery and unexpected costs such as those incurred by late payments, can make even the most solid of finances suffer. So if you want to save your business money, then make sure you follow these below tips to help keep your budgeting on track.
In This Post:
No matter the size of your workforce, it can get expensive if you need to produce ID cards or tags to enable any visitors or colleagues to enter your offices safely. Consider producing ID cards, which your workforce can keep in their wallets for easy access, as a low cost and easy alternative to make sure that you can keep tabs on any visitors. It can be expensive to produce cards or tags on a regular basis, in particular if your staff is careless and prone to losing their identification. So, using a low cost and quick supplier such as IDCard is a great option if you find yourself spending an increasing segment of your budget on reordering identification cards for your careless employees.
Business travel might be one of the perks of the job, but hotels, flights and taxis can soon see costs mount. From planning to an unexpected meeting to having to splurge on a last minute fare, business travel is a costly option for smaller or struggling companies. However, if you are trying to cut costs, then why not consider your alternatives to save both time and money? Many meetings can be completed using applications such as Facetime, Skype or Zoom, meaning that you don’t even need to leave your office to discuss alternatives with potential clients or long serving customers. Yes, it can be great to travel and represent your firm every once in a while, but if you are trying to budget or need to keep costs down, then ask yourself if this is a viable or necessary option when technology will do the job.
If you are a smaller business or just starting out, then you may need to take more staff on board to help with projects or developments that you are working on. Taking on a full time member of staff, or expanding your business, may not be a viable option for you at the current time. So, why not consider hiring a freelancer or outsourcing your work if you need a quick solution that won’t break the bank? You can use sites such as People per Hour to find just the right person for the job; there is a wealth of skilled and talented individuals who can provide the services that you need for a quarter of the price of full time staff. The beauty of using a freelancer is that you may then develop a potential contact that could eventually become an in-house member of your team in the future. From students to workers who are between jobs, there’s no reason why you should discount this option if you have projects to complete and deadlines to adhere to.
Make your payments on time
Establishing and maintaining a good relationship with your suppliers is essential if you want to keep costs down both now and in the future. Late payments or invoices that don’t get processed on time, can soon wrack up huge costs for your business, in particular if you don’t know the supplier or aren’t familiar with their protocol. Remember, when starting out with any supplier it’s important that you adhere to their demands to make the relationship as easy as possible. Once you have been on their books for a while, now’s the time to begin negotiating for deals and special offers if you make bulk orders on a regular basis.
Finally, make sure that you shop around too. You might have been doing business with the same company for years, but if they don’t drop their prices and keep up with the market then there’s no reason that you shouldn’t consider your options and make some changes. Remember that if you sign into any contracts, then check the terms and conditions that are outlined before you make a break. Again, there could be hidden costs involved.
Your customers are your biggest, and most honest, critics. Failing to keep your customers and happy will ultimately have an impact on your companies’ earnings. If you fail to deliver an order or deliver it late, then this will impact on your ratings, meaning that customers may ultimately want to take their business elsewhere. Not to mention, if you deliver items late or they are damaged then you will need to offer some sort of compensation to make up for company error. So if you want to keep customer satisfaction at the top of your list of priorities, then be sure that you pay extra attention to processes to prevent in house error. Any mistakes that you make will mean that you have to pay out.
Your business could be haemorrhaging money without you even realizing. However, if you want to get your finances back on track and keep your spending under control then you can make a few changed to your business processes to help keep costs down. Consider using freelance staff for project work and use an ID card supplier to replace lost or damaged identification for less. Make sure that you maintain a good relationship with suppliers and complete payments on time. Finally, remember that your customers are your biggest critics so be sure that you provide optimum customer service. By simply making a few key changes, you will be able to get your spending under control in little to no time at all.