Less is more and less is actually better, especially when it comes to your expenses. What do you say at the end of each year when you see the expense report? Nothing, because you are stunned. You are spending too much on things that you can live without.
The business word is changing at lightening speed, so if you want to stay ahead, you must keep up. For many small businesses, the actual change is about making smarter choices.
Start 2017 by managing your expenses, not the other way around!
1.Create and Stick to a Business Budget
It’s almost impossible to make intelligent financial decisions without knowing what something will cost over time and what is your expected return on investment (ROI). In other words, if you spend money on something, what are you going to get back in new sales, better profit margins or even reduced costs?
A smart budget plan will allow you to foresee results, will allow you to make plans and that means you can forecast your business growth and monitor your business’s health. Based on that estimate you will be able to put together a plan of activities, and you will know what decisions to make.
2. Get the most out of the technology
Today’s technology actually allows you to save money and can help you with solutions that weren’t even possible few years ago. From video conferences to payment solutions, from remote applications to VOIP calls, make the most of the readily available and often inexpensive technology to save money and improve productivity.
3. Explore the alternative place of business
A physical downtown location that has a lot more that you actually have or need can be a huge burden on your business budget. If you aren’t in a retail business, do you know what the trend is? Home-based businesses and virtual offices.
Everyone is trying to decrease business expenses, and one of the first things people change is often their location. They use their own home as an office, and take advantage of the gig economy for staffing or have their employees work remotely. Maybe this is too dramatic a change for you; there is always the option of downsizing your location or moving to another part of the city or even to the suburbs.
4. Go Paperless
Th paper, the ink, the mailing, the guy that comes to fix your printer almost every month or even week, they all cost a lot of money. Have you ever considered going paperless? You can always choose to print only the necessary and keep all the other “stuff” in the cloud. Also, choose a secure and stable software for all the relevant documents, they need to be held safe at all times. There are some cloud storage applications in the market – just keep your security in mind when making your selection.
5. Consider chauffeured services
Going to a business meeting in another city one a week can end up being pretty expensive. You probably already know that as you notice your employees expense reports. Besides these out of town meetings you have employees that spend massive amounts on taxis or another form of transportation It can add up to an enormous amount at the end of the year.
Having a contract with chauffeured service it might help you to minimize these expenses.
With services like LAX Airport Transportation and LA Corporate Sedan Transportation Service, Concierge Limousine operates under the belief that “your business is our business.”
Give us a call, and we will gladly speak to you about all the smart ways your business costs will be reduced if you choose the services of Concierge Limousine.
