Many small businesses are operating on thin margins, so every decision to save them money is worthwhile. Small businesses must balance their budgets on a tightrope – even the slightest change can cause tremors, and a downturn can be disastrous if not properly planned. AMG Coaching is you first choice for business coaching in Brisbane and below we will offer some tips for saving money for your business below.
Hire capable candidates with limited work experience
Hire curious, capable individuals who are still in their formative years. Despite what might seem counter-intuitive, individuals with limited work experience are looking for entry-level positions and pay, which is beneficial to your organization. While there are certain situations in which a more experienced candidate would make the most business sense, there are also times when a more capable employee with little or no work experience needs a foot in the door. You’ll find that they are competent and eager to work. We all began somewhere. The importance of good training cannot be overstated. At AMG Coaching – Business Coaching Brisbane, we suggest that if you bring in employees with less workplace experience, you should ensure that they are correctly trained and check in with them often to identify and fill in any gaps in their knowledge and expertise.
Examine your operating expenses
If you purchase morning tea for the office, is there another shop that will be able to offer you a bulk or loyalty discount? Have you considered this possibility? Spending on simple things such as coffee, maintenance, and supplies adds up over time. If you take the time to review your current operating expenses, you may discover that you are paying more than you need to in the long run.
Plan your sales, forecast them, and review them regularly
A good business coach in Brisbane should suggest creating an expenditure budget for your business to understand better how your business can reduce costs. Next, create a sales forecast. This is just the beginning. Establish a time each month for comparing your actual spending and sales with your forecast. The main point is that regular financial reviews will allow you to understand better where your cash is going and how you can increase your income.
Whenever possible, go paperless
Nowadays, going paperless is a necessity. Besides saving you money directly, it can also save you time. The team at AMG Coaching believe that using tablets reduces the amount of time your employees will spend printing, scanning, and filing paper documents.
Whenever you need hard copies, you may wish to consider printing and storing frequently used forms rather than photocopying them, as this may prove to be a less costly option in the long run.
Use a co-working space or share an office
According to AMG Coaching, another option for cutting leasing costs is to lease space jointly with another enterprise. This involves risks, but it could be a viable option if you have a close business connection, especially if you don’t need a substantial amount of space. It may also be beneficial to look into co-working spaces in your area, especially if your team is not too large.
Make use of Skype or another web-based calling service
If you have been using traditional long-distance calling for your business, Skype or other web-based solutions can save you money. You can use some assistance to share your screen, or even share a recording of a call at a later time.
Consider joining a trade association
It is common for trade associations to conduct industry research that you can access to make informed financial decisions. There are also times when they can facilitate the setting up of bulk discounts or reduced insurance rates.
If you would like to know more about better business planning, management and business coaching in Brisbane please contact us at AMG Coaching or for more information, please visit our website.