WILL YOUR BUSINESS COSTS PASS THE T.E.S.T ?
Do your business costs keep you up at night? It doesn’t matter if you run a big or small business CASH IS KING & COSTS CAN KILL.
Business owners are always on the look out for ways to cut down their costs. If you reduce your costs you automatically become more profitable and will ultimately be more successful.
This isn’t always an easy task, it can sometimes require creativity, culture changes and take you to the edge of your own comfort zone. So here’s another question :
CAN YOUR BUSINESS COSTS PASS THE T.E.S.T ?
T = Telephone
E = Energy
S = Space
T = Tax
These can be 4 of the biggest costs on a business and are always the subjects that can take you our of your comfort zone.
Do you still have landlines in our business? If you answered YES take a moment to think about how many times you & your business actually used a landline in the last 6 months or a year even.
Landlines are an outdated method with which to use the communication channel of speech. I would like to reiterate that speech is still a very important form of communication in business.
Of course everyone has a mobile phone but beyond that there are numerous FREE VoIP services that can not only be used on your laptop but via smart phones as well.
Do yourself a favour get rid of the cable that is business cost noose around your neck and holding you back.
A huge drain on the business and of course this is not something you can simply get rid of. This is where some creativity comes in.
The world is trying to reduce the carbon footprint, as a result there are new technologies coming on to the market every day that can help reduce your carbon footprint as a business and an individual. Investigate them – ultimately, reducing your carbon footprint will reduce your energy bills.
This may well require some initial investment but to look at this over a 3-5 year period and you’ll be surprised at how it can help reduce these costs. We all know about changing lightbulbs to LED etc. but the creativity comes in on items you may think you can’t reduce, for example your IT estate – check this product out : https://www.ipmplus.co.uk
Yes, I am talking about your office. The previous 2 points can be wiped out if you implement this point, so it works as a sliding scale really.
If the majority of your team work remotely then why keep an expensive building. If you require regular meetings / get-togethers there are plenty of options nowadays and most are better for morale of the staff if you coincide it with a social as well.
There are options for virtual offices with all the services you require e.g. postal address & handling, telephone call handling, printing even the meeting room space you need from time to time.
All the options are available to use or not and have a cost associated but all will far more cost efficient compared to keeping a building running.
The scariest subject when it comes to business for 2 big reasons :
1. It’s one of the biggest costs.
2. It has legal ramifications if handled incorrectly.
There are more and more scary words to describe the black box that is tax – avoidance, evasion, compliance & haven etc.
I am certainly not suggesting the implementation of illegal tax reduction – but do you as a business make the most of the deductions & credits available to businesses to help reduce their tax bill.
Understanding what your company is owed or can claim goes a long way reducing costs via the tax bill during and at the end of your accounting year.
So how did your business fair in the T.E.S.T. ?
Perhaps these few points are new to you or you’ve been reminded about items you’ve been meaning to sort out, either way managing your costs is a great way to keep more money in your pocket.
This is what I help my clients to do. I provide the gift of time and savings on a plate.
To find out more about how I can help you save more money ….. check out my SME Cost Reducer : https://www.magnatec.net/sme-costs-solution
Get in contact with me via the website : https://www.magnatec.net/contact
Or simply connect with me on LinkedIn : https://www.linkedin.com/in/duncanmercer/