Tips for your Business: Making Ends Meet

While economic data seems to improving worldwide ever so slightly, times are still tough for most businesses, with small businesses feeling the biggest pinches. We put together a few tips for you, regarding how you can tighten your boot strings for the benefit of your business without sacrificing the necessities.

Consider a change in venue

With tough times have come cheaper rents. Consider moving your business to an alternate location. For some businesses a move may result in a huge savings, especially given some of the incentives that may abound. For other businesses, the move may not reap as big a benefit. For those businesses that have flexibility to work from home, consider moving your office to your home on at least a part-time basis, or consider a virtual office, renting office space only when you truly need it. Virtual offices are becoming more affordable and more widespread. They give you the benefit of a prestigious address, mail services, administrative and copy/scanning services at a great rate.

Consider hosting down-scaled, creative events for staff

Back in the day, office parties used to be elaborate events. Nowadays, businesses need to be more discerning in how they spend money. Consider enlisting the help of a creative caterer and renting a more affordable, yet inventive space. Consider having a lunch event at a comedy club, or even hosting a breakfast event (the most affordable time of day in terms of catered meals).

Consider sharing services with neighboring businesses

If you are running your business from an office within a larger building, consider the idea of sharing services. Copying, scanning, trash removal and custodial services are items which some buildings are now offering as free shared services. If your services aren’t shared or free, consider approaching building management to see if this is a possibility or whether other neighboring businesses on your floor would be willing to work together to pay for these services together. It may work out better for you in the long run.

Consider your printing costs

When creating our marketing materials, we sometimes forget how much we can save by making adjustments to the look of our documents. For example, printing a brochure completely in black and white is cheaper than color. Printing on a matte, thinner paper is often cheaper than glossier, thicker alternatives. Pieces that don’t bleed (or where the ink doesn’t reach the end of the page, which would require cutting) are cheaper than pieces that do. Standard sized materials are also cheaper than pieces which are custom sized. Also, consider buying all of your printing in lots of 500 or 1000. Anything less than that is usually priced at these prices anyway, because the printer has to charge a base line price for doing the set up for these larger jobs anyway and will need to cover these costs.

All businesses can make some creative cost-cutting measures to help make ends meet to help make it through these tough times.

Copyright AVB 2014. All Rights Reserved. This article may not be used without the prior written consent from the author. See below for more details…

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Brisbane Small Business Accountants & Trainers Odile Mignot and Rebecca McConachy from AVB publish the popular “My Business Success Newsletter” a monthly ezine with over 2500+ including solo-preneurs, entrepreneurs and business owners.

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