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Start-Ups

6 Tips For Reducing Overhead Costs in Your Small Business

By Jessica Valdez   |    June 17, 2019   |    6:13 PM

Pain-Free Cost-Cutting Tips For Your Small Business or Startup

When you think about scaling your small business or startup, do you worry about how much money you’d need to spend to take your business to the next level?

It’s a common concern amongst small business owners and entrepreneurs, but there’s a way to free up the cash flow you need: reduce and eliminate unnecessary overhead costs.

1. Gain an understanding of your business’s financial health

Before you can start cutting costs, you need to understand the bigger financial picture of your company. This includes how much the company spends producing its product or service, the profits it makes, and similar financial data.

Essentially, you need to assess what the business spends and what it makes. Are there any unnecessary costs that jump out at you right away? Unused subscriptions and third-party services are two specific line items that many small businesses can reduce.

2. Be ruthless about how much time you spend in meetings

Every meeting should have a clear agenda and goal, otherwise you’ll be wasting valuable time that could be spent on more profitable and productive tasks. If you’re ready to change the way your team approaches meetings, try using these 10 hacks for more productive meetings.

3. Save green by going green

Running a more eco-friendly business can be good for the planet and good for your bottom line.

Going paperless, being smart about your energy usage, and letting employees work from home instead of commuting are three easy ways to use fewer resources while spending less money.

4. Hire contractors or work with a virtual assistant instead of hiring employees

Instead of hiring new employees, try working with independent contractors, virtual assistants, and freelancers. These professionals have specialized skill sets that can fill in gaps in your existing team, and you can stop working with them if the cost ever becomes too much.

5. Run your business from a non-traditional office, like a virtual office

Traditional office leases tend to be lengthy and restrictive — if you need to adjust your office situation during the lease term, you’ll likely be out of luck. Virtual office spaces are an ideal alternative to leasing or buying office space. They’re professionally appointed, affordable, and offer flexible membership terms based on what your business needs.

Because virtual office spaces also have meetings and conference rooms for rent, it is easier for growing businesses to implement the last tip in today’s article: going fully office-free.

6. Opt out of an office entirely

Allowing the team to work remotely helps cash-strapped businesses lower rent costs significantly. Plus, technology has made is possible for employees and independent contractors to stay productive no matter where they’re physically located.

If you’re concerned about taking a meeting with clients or gathering the whole team for a brainstorming session, Intelligent Office has you covered. When you need some extra space, simply find a meeting room near you.