When you run your own business, whether it’s a one-man band or a large multinational corporation, turning a profit is a simple equation of making sure that your outgoings are lower than your incomings.
Some companies fall into the trap of spending far more on certain services than they really need to which will eat into their profits and ultimately reduce the success of the company. There are services on which your company can spend money, however, which will actually help to save you money in the long run. Here are five of them:
If your company does a lot of shipping to different places you may feel that your procedures are well dialled in and largely take care of themselves. However, employing the services of a freight audit company can help you to eliminate overcharges and deep couplings, as well as rectifying accounting errors and making sure that all of your global shipping is financially correct.
Many small to medium enterprises will use an external accountant to deal with their finances, and this can be an expensive endeavour as you are essentially paying the cost for them to work in a separate office. You may find that employing somebody to run your finance department within your company works out much cheaper than outsourcing and can also be a good way to ensure your finances are better organised. They could also help you to work out additional benefits you may be entitled to, such as your Employee Retention Credit calculation, which can be particularly difficult to calculate for those who are not tax experts.
Having an in-house IT professional on your books might sound like the preferred option; however, this certainly isn’t the best option financially for many businesses. The basic salary of an IT engineer starts at £30,000 a year, so you have to factor that in before you even think about the overall cost of equipment, software, and running costs. Hiring an outsourced remote IT Support company will mean you have the opportunity to cut costs and also have a team of technical support specialists to assist you.
Get an E-Receptionist
If your company doesn’t actually receive a lot of inbound calls and enquiries, you may find that it’s significantly cheaper to opt for an e-receptionist service, rather than employing a person. A virtual receptionist will answer your phone with a professional voicemail service and many will also transcribe any voice messages which are left and then send them to you via email, so that you have a record of exactly who has called and what they want.
Hire an Intern
Many local colleges and universities are crying out for companies who offer internships so that students can get the much needed experience that they require. Hiring an intern will allow you to save a lot of money on wages as many internship schemes are backed by Government funding, allowing you to keep your business running, minimise costs and also give back to the community.