How to eliminate unnecessary business costs
How to cut wasteful spending in your business in order to invest more money and improve financial performance.
If you are using your own finance to fund the start-up of your business, controlling your personal and business cashflow is key. Proper cashflow management allows you to invest more funds into your fledgling business.
Rethink personal spending
Work out how much you spend on going out in the evenings and eating out. This may be an area where you could cut back and save cash to be reinvested into your business.
Buy second-hand office supplies
Buy good quality second-hand goods like an office desk or telephone system. This will save money rather than buying them from new. However, if you intend to have clients in your office, the furniture you buy shouldn't look too old and worn.
Use home office space
Consider using a space at home to work. There are considerable savings to be made by working from home. You can save on rent, business rates, and office utility bills.
Optimise business running costs
Think about the costs of running your business. You might be able to arrange an inclusive price for your phone and internet connection. It may be cheaper to send an email rather than phone a supplier
Use open source or free software
Many business software applications are available as free or open source options. Instead of buying expensive CRM or project management tools, use free alternatives. They offer the essential functions you need to grow your business, without the unnecessary extra features. See office resource efficiency.