Sooner or later, your business is likely to run into difficulty – whether that is in reaching the next milestone of corporate growth or instead simply surviving.
When your company encounters financial turmoil, you could understandably start looking for ways to generate savings. Whether you quite look in the right places, however, is a different question. Here are just a few examples of business essentials you could source surprisingly cost-effectively…
Even if you originally took out your current business insurance quite a while ago, you might be able to renegotiate contracts to your advantage.
When serving as director of wholesale and consulting at the business insurance marketplace Insureon, Joseph Jonas told Business News Daily: “It’s a best practice for small business owners to re-evaluate their insurance program on an annual basis to ensure they are getting the most comprehensive protection at fair market value.”
In short, you shouldn’t simply let your company’s current insurance renew itself automatically.
Whether your business already has a dedicated office space or you are still running the company from your house, it can be unnecessarily costly to end up in a situation where your workplace is physically larger than what you actually need.
Besides, you could find that renting a new office space enables you to consolidate a multitude of business costs. By way of example, moving into a serviced office from BE Offices would see the ongoing costs of your workplace rent, rates and utilities all accounted for in one package.
Another benefit of opting for a new, serviced office is that all of the equipment you and your team would need for all of their day-to-day work could already be provided with the space itself.
However, whether or not you do go for this kind of workplace, you might still need to fill a few gaps when it comes to the equipment you have at your disposal.
The Balance Small Business points out: “You can reduce the expense by buying refurbished furniture and equipment that is often as good as the brand new variety but offered by manufacturers at a discounted price.”
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It’s easy to underestimate how much these can add to a company’s outgoings. Yes, using high-quality pens and paper could help your business to convey a positive image to employees and clients alike – but have you closely tracked what supplies, and how many, your business actually uses?
Once you have got into the habit of tracking this usage, you could have a much better idea of how many of these supplies are superfluous or at least could be sourced more cheaply.
If your company’s marketing activities are swallowing up an awful lot of its budget, you could make a bigger priority of promoting your business online rather than with the likes of posters and leaflets.
Many forms of online marketing – such as social media marketing – are delightfully inexpensive. Nonetheless, outsourcing your marketing responsibilities to a specialist agency could still prove more cost-effective than running your own digital marketing campaigns.