As a small business owner or trader, you will, no doubt, be looking for ways to reduce your costs and overheads, and continue to make the venture that you’re passionate about viable and profitable. Out-of-control operating costs can be crippling for any business, and while you need to spend money to make money, small start-ups can be given an early kiss of death by these crippling overhead costs. There are a number of ways in which traders can reduce their overheads and production costs – some are obvious and some are not so obvious. Here we give some pointers on where you might look to reduce costs and increase your margins.
Join the paperless evolution
Going paperless is a great way to decrease expenditure and clutter. Printing costs can quickly add up, as can storage systems to file the mounting paperwork. Consider what documents can be stored and shared electronically. Before you print a document, consider whether or not paper form is the best way for it to be stored. Over time, working in a paperless environment may require smaller office space.
Note that if your business comes under the Freedom of Information Act, you will need to consider what information you can store electronically and what information you will need to file in paper form. Further information on the Freedom of Information Act can be found at the http://www.legislation.gov.uk/ukpga/2000/36/contents/
Tweet your way to popularity
The world has gone social media crazy! While platforms such as Twitter, Facebook and Instagram may appear, on the surface, to be little more than something for teenagers to use to pass the time, they are, in fact, the world’s greatest free advertising medium. Think about what ways you can raise brand awareness through social media, how they can replace traditional advertising methods, and whether or not you still need to spend large amounts of money on business cards and web hosting.
If you are a sole-trader or own a small business, research how you can make social media work for you at http://www.socialmediaexaminer.com/social-media-guide-small-businesses/
While it may be obvious to buy your raw materials in bulk, and for artists, for example, to purchase wholesale picture frames, many traders and small businesses fail to consider what other products they can buy in bulk. Office supplies, marketing products, and catering items can all be purchased much cheaper in bulk. Savings can quickly be made here, even if your ‘bulk’ is still a small quantity. Buying in bulk has other advantages. Ordering items on the internet or over the phone can save you time. Buying in bulk can save on delivery costs. Also, it’s better for the environment, with bulk purchased items often coming with much less packaging than items bought individually. Reduced packaging also means that there is less waste to get rid of, so the savings are both direct and indirect.
Photographers or artists wishing to save on their production costs and looking to purchase wholesale photo frames click here
So whether it’s cutting down on your paper trail, setting up a Facebook Page, or bulk buying the office toilet roll, there are many ways to cut down on your overheads.