Keeping your business operating within budget is an important consideration for any business owner. Whether you’re operating a small startup or a well-established business empire, removing unnecessary expenses and staying in control of your monthly outgoings is crucial to your success. With every element of your business incurring costs, this can be a challenging task for even the most savvy and experienced business owners. The trick to being successful is to lower your costs while remaining efficient in your business operations or, ideally, becoming even more productive.
While this might seem like a mammoth task, the truth is that you can achieve lower overheads while becoming more productive with a few simple changes to your business structure. In order to do this successfully, you need to carefully analyse your business operations to see where you are spending the most amount of money. Compare this to the return you are getting on that investment and you’ll very quickly see where you can make those all-important cutbacks and reductions to your overheads.
Continue reading below to find out more about the small changes you can make to your business to ensure you’re not spending more than necessary each month.
Consider Going Virtual
Office space is one of the biggest drains on any companies capital. If you’re paying through the nose for office space in a premium location, you can find yourself locked into a long-term lease with little room for negotiation should your business not perform. This is not an ideal situation for business owners who need to remain flexible and have the ability to move and adapt to fluctuations in the market.
When choosing a virtual office, Servcorp offers flexible month-to-month leases in premium office locations around the world. Rolled into one easy-manage-monthly payment is not just the rental rate but also all of the utilities and a dedicated receptionist to answer your calls and forward calls to your private number. With a flexible package like this, you’re not locked into a long-term commitment, putting you back in full control of your outgoings.
Claim Back Your Commute
Spending time stuck in traffic or on public transport getting to and from work every day is a nuisance most of us can do without. However, in business terms, that wasted time is valuable and could be better spent contacting new clients, fulfilling orders and fine-tuning your business processes.
Time is money and a commuting not only costs you in terms of cash but costs you more time than is ideal, taking you away from the things that matter most. With a virtual office, you don’t need to visit the office everyday and so you avoid spending wasted time commuting back and forth to the CBD for work. This helps to reduce your every day expenses while increasing your scope to make your business more profitable.
Manage a Remote Team
Having an in-house team comes with a huge amount of expenses. You need to pay wages, insurance, health-care, bonuses and incur other expenses such as keeping refreshments, snacks and office supplies stocked. After rent, staff are the biggest expense for most companies and this is a crucial area to focus your energy when trying to reduce your overheads.
With a virtual office, you can employ a remote team, choosing from top talent all over the world. What’s more, you can hire staff on an as-needed basis, negating the need for full-time staff who require various perks that cost your business money. A remote team is often cheaper to employ as team members work from home and have lower day-to-day costs as a result. They are generally happier, as they can set their own working conditions and schedule and therefore tend to be more productive which is good news for your business.
Increase Cost-efficiency with a Virtual Office
If you want to reduce your company’s overheads, consider a virtual office setup. By going virtual, you will eliminate the need for expensive rents while still being able to operate your business form a prestigious address in your chosen location.
With no commute back and forth to work every day, you’ll have more time on your hands, you’ll be less stressed and better able to focus on the tasks at hand. In addition, you can save money on staffing and build a remote team who will be cheaper to employ, be more productive and help you move your business closer to achieving your goals