6 tips for minimising your overheads

Overheads are one of tricky factors that every business has to work with. Before you can make a profit, you have to get those overheads covered – which can be especially difficult for a start-up. Use these tips to see your overheads shrink, pushing them to the smallest point possible.

1. Stop printing

Though you may not think it costs much, printer ink and paper often end up adding up over the year and will represent a large part of your office budget. Not only that, but it’s better for the planet if you get your team to stop printing as much as possible. Tell them only to print when it is absolutely necessary. If they shouldn’t have any need, you can even sell your printing equipment so they can’t be tempted.

2. Reduce office size

If you’re paying too much for your office space, it might be because you’ve been too hasty to rent an office which is too big for your team. Make sure that you only choose the office which will fit your staff, without extra space, and go with the best possible rates. The same is true of warehouse space or even a retail unit. It’s best to find a managed office which is somewhat flexible, so you can expand again later if you need to.

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3. Recommend remote work

Could some of your employees work from home? If so, try recommending remote work. They will be able to relax more, and you won’t need as much space. They also won’t be taking up resources like electricity, coffee, and equipment within the office, so you’ll gain small amounts everywhere.

4. Go online

Do you have a retail unit as well as your office space? If so, you may be paying more than you need to. So long as you have somewhere to store your goods, you might actually make more money just by selling online. These days, having an online store is just as reputable as having a brick and mortar one, and it’s far cheaper. You only have to pay for your web address and hosting, rather than paying rent.

5. Shop local

Whenever you need something done, try to find a local business that will do it for you. For example, if you need some leaflets printed, you can talk to people around you first. Your neighbours might be willing to do you a bit of a deal in order to get your repeat business, while printers who are further afield might not think the same way. This could save you a lot of your extra costs.

6. Choose freelancers

Sometimes, you might hire someone only to find that they don’t have a lot to do all of the time. If you need a photographer, for example, they might spend a day each week taking pictures and then sit around twiddling their thumbs. If you have any kind of skilled role where it looks like you don’t really need a full-time employee, consider going for a freelancer instead. They will cost less money because you only hire them when you need them, you don’t need to pay tax or pension contributions on their ‘wages’, and you might be able to negotiate on price.

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