5 Cost Control Tips for Your Business

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5 Cost Control Tips for Your Business
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Top 5 Cost Control Tips

• As a business grows and takes on staff, costs
  become harder to control.
• Even well run businesses pay too much or buy
  things they dont need.
• Controlling your business costs can be simpler
  than you think, and will put your business in a
  much more profitable position.
• Here are our top 5 cost control tips
• Start with the quick wins
• Think outside the office
• Shop around
• Know your numbers
• Dont go too far
• Lets go through each one in more detail

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1. Start with the quick wins

• First of all, look for easy savings your quick
  wins.
• Identify savings that can be made quickly and
  easily without affecting quality and performance
  
• Are your premises heated unnecessarily?
• Is the building lit up when it doesnt need to
  be?
• Are you travelling as cheaply as possible?
• Are you making unnecessary journeys to meet
  clients? Can they come to you instead?
• Rule nothing out! Sometimes just using less can
  provide significant savings.

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2. Think outside the office
Consider cutting down on office hours. Can you
work from home or go mobile and work on the
move instead? Do you even need a permanent
office? Many businesses hire an office for a
couple of days a week through an office rental
company. When working from home, keep costs low
by contacting your team through Skype, email and
instant messaging. Consider cloud-based
computing for all or just some areas of your
business (payments, for example). Cloud computing
offers mobile anywhere/everywhere access,
allowing you to log-in even when on the move.
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3. Shop around

• Try and shop for cheaper options at least once a
  year.
• Review your energy costs. Can you switch and pay
  less elsewhere?
• Review your insurance. Can you get it cheaper?
• Review the deals with your current suppliers.
  Could you get better value?
• 55 of small businesses dont negotiate
  discounts.
• Less than half of businesses (47) bother to
  research their purchases.
• Whatever you spend, try and get it for less!

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4. Know your numbers
Know the numbers for each day. A good business
owner is on top of their finances at all times.
They will know exactly how much money is coming
and going out. Do you? Do it each day, and it
becomes easier to spot unusual or unexpected
expenditure. When you see it, question it! You
dont have to do this alone. Get others in your
team to review figures daily. Give them a chance
to speak up - encourage them to question your
spending. Consider using a payment management
solution that gives you real-time visibility of
your bottom-line.
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5. Dont go too far
An important point to remember Cutting costs
too severely can leave you in a worse position
than when you started. Dont let your cost cuts
affect the quality of your products or services.
This can affect sales and lead to disgruntled
customers/negative reviews. Staff morale can
also suffer if they think the cuts are
unnecessary. Make sure you communicate with them
throughout - and give them a chance to air their
grievances. Before making ANY cost cuts, think
carefully about the implications.
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In Summary
Only 39 of small businesses focus on reducing
costs! Failure to control costs can place a
serious strain on your cash flow, and can even
lead to insolvency. Remember - wasted money is
money that could have been used to develop your
business! Take the time to review your costs.
Make it a regular task. It pays off in the long
run
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AccessWallets Direct Debit Management Solution
can transform your existing payment
processes. AccessWallet helps you cut costs, by
making invoicing and chasing customers a thing of
the past. And its a cloud-based solution,
giving you mobile anywhere, everywhere access.
Any Questions?
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Place,259-269 Old Marylebone Rd, London NW1
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