Stop Your Business Spending Money it Doesn’t Need To

When you run your own business, you need to think about how to make savings. It’s not easy to run a cost-effective business, but it is doable. You just need to consider the areas that prove the most expensive. If you can come up with ways of cutting costs you’re going to save the business money, and help it to grow.

Don’t Waste Money on Stock

So many businesses tie up money in stock, and this can be such a waste. Having warehouses or offices full of stock is just haemorrhaging cash for the business. So, you need to try to make sure you don’t fall into this trap. When you order stock, you need to be efficient and only order what you need. Excessive ordering is wasteful and will cost you a lot of money. If you have any excess stock try to come up with ways of shifting it so you can make a bit more money. Don’t buy anymore stock or goods if you don’t need to. This is probably the simplest way to save money for your business.

Outsource Important Areas

Outsourcing is the magic word among business owners and has completely changed the way we do business. The internet has made it possible to outsource almost anything these days. So, it’s important to think about what parts of the company need to be outsourced. Try to make use of outsourced procurement services, online accountancy services, and freelancers. The idea is to try to outsource as many areas of the company as you possibly can. This will save you plenty of money in the long run as well as making the business more efficient. If you haven’t fully embraced outsourcing yet, then you’re in danger of being left behind by your rivals. Make sure you try to outsource as much as you can as often as you can.

Use Virtual Offices

One of your biggest expenses as a business owner is likely to be office space. And that’s why you need to come up with ways of cutting the costs of renting, stocking and maintaining your business premises. Now, an unusual but effective way of doing this would be to make use of virtual offices. You have probably heard of these before, but you may not be familiar with exactly what they are. Virtual offices are offices you can use solely when you need them. You basically rent them when you need to use them for things like meetings, and giving out your business address. It saves you money on having to pay for a lease on a commercial premises for the whole year.

Saving money is one of the secrets to success in the business world, and one of the things many people struggle with. It’s so expensive to launch and run startups these days, but as your company grows there are more and more ways to save cash. You just have to think about what your biggest business expenses are and come up with ways of cutting these costs.

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4 Incredible Virtual Services for Your Business

Not everyone needs businesses premises with full-time employees. In fact, people with online businesses often don’t need any space. However, that doesn’t mean you can get by one your own, working out of your basement. Sometimes you need some help, either to grow your business or make it look more legitimate. In this situation, you could benefit from a number of virtual services. For example, a virtual receptionist can answer your calls and take messages for you. These virtual services provide you with a way to run a full business on a budget. You don’t need a large office space because everyone works remotely. Try these options to expand your business.

Instagram and other Social Media Apps

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Virtual Social Media Management

Any social selling business needs to have excellent control over their social media. However, not all business owners have time to do it on their own. If you require help, you don’t need the funds for a full-time or even part-time employee. A virtual social media manager or assistant can be just what you need to make things easier. Social media management is just one of the many tasks a virtual assistant can handle for you. You can give them as much or as little control as you want. You might ask them to post certain things at particular times. You might leave some aspects of social media to them and do some of it yourself.

My Office

Photo by Steven Burt

 

Virtual Office

If you want your business to look professional, using your home address won’t cut it. People don’t want to look you up and find you work out of your garage. What’s more, you’re sure to want to separate your work and home lives. So your best bet is to use a virtual office to make your business look more professional. They can offer a range of services to help you. For example, at Level Office, you get to use their address and have them receive and even forward your mail. For a slightly higher price, you can use their meeting spaces for a few hours a month too. These services are extremely useful if you don’t have a proper office you can use.

receptionist

Photo by Petras Gagilas

 

Virtual Receptionist

Who answers your phones when your customers call? If it’s you, it might be getting a bit too much for you. It’s time-consuming to have to speak to people all the time. You have other things you need to do, and you can’t spend all day chatting. Plus, you don’t necessarily want people getting straight through to the head of the company. A virtual receptionist can be useful in this case. They can answer your calls, forward them, and take messages.

customer service assistant on phone

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Virtual PA

A virtual personal assistant can do just about anything for you. However, you’re most likely to use them for secretarial and admin work. They might answer your calls or respond to emails. They can also do data entry, or perhaps make appointments for you. If you need someone who’s a multitasker with a range of skills, hiring a virtual PA is an excellent idea.

 

Virtual services can be a huge benefit to small businesses. Consider using them if you want to grow your brand on a budget.