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Hidden Costs Draining Your Business

– Contributed content –

Calculator cash calendar

(Rawpixel, Unsplash)

27 Jan. 2020. When it comes to running a business, there will be many expenses to factor into your budget, particularly at the beginning, when the start-up costs of launching a business are high. Whether you are five years or five months into your business, there are often costs that are overlooked. Short of letting staff go, or shrinking your business, it’s hard to know where you can cut costs without it affecting your business.

There are certain areas that you should keep a budget — areas such as marketing, which will be one of the most significant ways to grow your business. You won’t want to cut off the flow of cash from the areas of your business that help brings in more money.

Being aware of the small costs can be the difference between the survival and failure of your business, particularly when you are a small business. These small costs can end up being quite significant, particularly when you haven’t factored them into your business plan.

Utilities 

Business utilities include electric, water, gas, internet. They may involve additional waste removal if your local governing body does not cover this. Make sure you are aware of these costs and do shop around when you are setting up your business to ensure you get the best offers from different providers. Conducting an energy audit is an excellent way to see just how much you are spending on the cost of energy and how you can reduce these costs. Of course, these costs will only apply if you have a physical property as part of your business. You could save a great deal of money through remote working.

Office space

Do you really need office space? Consider remote working, and offering this to your employees. Remote working, or working from home, has been shown to increase productivity as well as saving time and money spent on commuting. This style of working is increasingly popular among employers and employees, and many businesses are beginning to see the value in removing the physical office space. As a business owner, not only will you be eliminating the cost of office space, but you will also be removing the cost of utilities and certain taxes.

Phone line

Landlines are a thing of the past for most of us. As a business, you often need to have a landline. Customers may prefer to call you on a landline, and for some business dealings, you need to be able to provide a landline. That being said, mobile phones are much more convenient and can work out far more cost-effective. Investing in a business phone with a plan could help you save money in the long run and make life a little easier when you are out on business trips. With the free business apps you can find on any phone, you cut the costs of a personal secretary. Services and products such as Think VoIP Services can help you save money on phone bills each month, while services such as Whatsapp for business has excellent marketing features.

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