Your bottom line depends on two things: how much your business earns, and how much it spends. All too often, though, we focus on growing earnings, when it could be easier to target spending. With that in mind, here are nine ways for you to cut company outgoings.
Look at every penny of your outgoings, from wages and office expenses to marketing and IT. Keep a log of what you spend in each area of your business.
Ask your employees for suggestions on how the business can reduce costs – with rewards for the best ideas.
Tell your suppliers that you need to make savings, and ask if they can offer a more a competitive price. If they can’t, start shopping around.
The customer is always right, so ask them if you’re providing anything they don’t really need or want – too much packaging or unnecessary mail, for instance.
Your first sweep of savings could come from things that can be sorted quickly and easily without affecting your business performance, such as excess travel costs or cheaper suppliers of basic services.
Look at every supplier and service to make sure you’re not overpaying, checking your invoices for signs you’re being charged too much. It may not be the most exciting task, but it’ll be worth it.
Permanent staff can be expensive, so use freelancers and contractors where you’re able to.
Reducing the size of your workplace, or working remotely, can help you cut costs.
Once a year, check to see if every service you use can be sourced more cheaply – or cut completely. Online price comparison services are useful for finding this out.
By: David Prosser
Late payments to small businesses can rack up, leaving them out of pocket and having to chase customers for overdue invoices. So that you’re not left in a sticky situation with one of your customers, and receive payment for your service quickly and conveniently, check out our tips
Whether you’re ordering or sending a package from a country outside the EU, there are a number of things you’ll need to take into consideration before you import your goods.
E-commerce is booming. Driven by the smartphone generation, armed with retail apps and secure payment platforms, the megatrend is global. Nowhere is online shopping more popular, however, than here in the UK.
Sometimes innovations in technology move so quickly, it can feel like you’re in a sci-fi novel. Like the shifting dunes of Arrakis, the ecommerce landscape is constantly changing because technology is a driving force behind how consumers buy.
Whatever time of year you expect a seasonal boom of orders, preparation is key - and you can never start too early! Here are some big seasonal trends to be aware of, ideas to help you get sales-ready, and how Parcelforce can support you.
With online retail open 24/7, UK consumers love to shop around the clock. This instant route to purchase has raised expectations of fast, flexible delivery – including on weekends.
By providing your email address and clicking sign up below, you are agreeing to Royal Mail Group keeping in touch with you by email about our products, services and offers that might be of interest to you. Royal Mail Group takes your privacy and security very seriously. For more details please read our Privacy Policy
