No matter what stage in life or business you are; there is always room to cut costs.
Particularly when you’re doing well financially, it can be hard to consider life a little harder, but it always pays off being a little frugal and really thinking about your financial constraints and outgoings for the long term. When money is tight, we’re told to create financial plans and cut costs where possible; so why is it so different when we’re doing well?
I’ve learnt that the same amount of financial control is needed whatever the success of my business ventures and property portfolio. Of course; the more money I make, the more I can spend but I still keep track of my spending, set myself limits and like to review outgoings to help me cut costs.
From my experience, I have come up with a number of areas which I always find I am able to cut costs in, take a look and see if your finances can benefit from doing the same.
Review Insourcing & Outsourcing
If you run a business which requires PR, marketing or distribution; have you considered the cost of doing the opposite of what you currently do?
For instance, if you run a company who runs three marketing campaigns a year with a similar PR schedule; do you really need to employ a team of 5 to do so in-house, all year round?
Outsourcing may be the best option and will allow you to really keep track of your costs and what designated money will be spent on each campaign instead of a wage bill plus extras for 12 months of the year.
Make the Office Greener
Bills don’t come cheap; and if you’ve got a big office in a city centre, you’ll already know this!
Making your office greener can really help to cut your energy and stationery bills. From installing CFL or LED light bulbs to going paperless (I know this isn’t always practical but you can reduce your print wastage a lot!) there are plenty of ways you can reduce your monthly work bills.
Cut Lunchtime Spends
If can often be easier to head out every day to buy a tasty, pre-made lunch but how much is that setting you back?
You can cut costs by pre-planning your weekly lunchtime meals which depending on how extravagant you are, can save you hundreds a month.
A meal deal is £5 a day, that £25 a week which could be £200 a month. If you take your staff out for lunch or like to opt for more expensive meals then you could end up saving £500+ a month.
Review Your Accounts
Twice a year I like to sit down with my financial manager and take a look at every single outgoing cost in that 6-month period.
As your business grows, you will find you start to lose grip of what goes on as you just don’t have the time to approve all transactions, so doing this can really help you cut costs.
There will be things that shock you, stuff you didn’t even know existed and so many more hidden costs within your accounts that you really want to keep on top of.
So there you have it, Vintonville’s top tips for cutting costs both at home at in the workplace; what works best for you? Let us know by getting in touch.