In business, every penny counts and it’s too easy to rack up unnecessary business costs. Happily, a few simple measures will help improve your bottom line and keep your business profitable.
Save on Your Taxes
Many expenses are tax-deductible so this is an easy way to reduce your tax bill. Make sure you know exactly what’s covered. Check the HMRC requirements to get the latest information. Which? also provides a handy guide.
Keep careful records throughout the year to ensure you don’t overlook anything. Then you’ll be ready for your annual tax return and you’ll save money.
Review Your Suppliers
Hopefully, your suppliers provide quality goods and services at cost-effective prices. However, it’s easy to be complacent and keep going back to the same providers. Never assume you can’t get a better deal elsewhere, even if you have a good relationship with your current suppliers. Review this at least once a year and you’ll be surprised at the savings to be had.
This applies to anything you need to purchase, whether it’s materials to manufacture your product, office stationery, gas and electricity, or phone and broadband packages. Internet suppliers, in particular, are notorious for selling you something you don’t really use, but there are always new deals on offer and savings to be had to help reduce your business costs.
Bank Accounts, Credit Cards and Insurance
Whatever the size of your business you’ll need some kind of business bank account and probably a company credit card as well. You may also need to consider insurance for fire, theft, accidents or damage. If you employ anyone, even on a casual basis, you’ll need liability insurance, too.
These expenses can take up a huge chunk of your budget, so it’s wise to shop around for the best deals and review the situation regularly. You may not feel you have the time, but ignoring it really is a false economy.
Are Your Business Premises the Right Size?
Do you use every nook and cranny of your premises efficiently? If not, you should think of tidying things up and downsizing. The savings of running a smaller building would have a considerable impact on your business costs.
If you employ staff, it’s important to keep in close touch with them, but do they need to be in the office every day? Some employees may prefer to work from home, either full or part-time. With so many collaborative online tools available, this is perfectly feasible if the nature of your business allows.
An inspection of your premises may also reveal storage space over-stocked with unnecessary supplies and out of date files that are no longer needed. Why pay for space that contributes nothing to your overall profitability?
Talk to a Financial Advisor
If you’re a sole trader or small business you may look after the accounts and business planning yourself. The cost of employing a company accountant full time may be prohibitive. Even so, it’s a good idea to have a professional review with a financial advisor or business consultant at least once a year. The right guidance prevents costly errors and will certainly save you money.
Monitor Supplies, Reduce Waste and Save Money with Barcode Labels
Barcode labels are ideal for monitoring your inventory. Sales stock and office supplies can all be managed this way, so there’s no need for costly over-stocking or last-minute panics when essential goods run out.
At Tanto Labels, we have a comprehensive range of barcode labels and products. Our friendly and knowledgeable sales team will help you find exactly the right product. Contact Tanto Labels today.
