Owning a small business comes with a lot of rewards. It also comes with a lot of responsibility. One responsibility that can seem overwhelming is figuring out how to afford it all, especially when you are just trying to get your business off the ground, or seeing it through a rough patch. Fortunately, there are ways you can ease that financial strain. Here are some tips for how to reduce your small business overhead costs:
Virtual office spaces. Virtual offices are the new wave to hit the business community, and they show a lot of promise when it comes to freeing up much-needed overhead money. What is a virtual office? Basically, you pay a small fee each month to a virtual office company to provide you with a business address, telecommunications solutions, IT services, receptionists, and more . . . all which operate on the behalf of your business without you having to rent out a pricey office space.
Smart hiring. Training employees and allowing time for the learning curve not only requires considerable effort, but also costs you a lot of money. Put the necessary thought and time into hiring the right employees in the first place, no matter how pressed you are to find help, and you will find that your team is more productive and you spend less money on the training process.
Telecommuting. Is it really necessary to have an office space at all? If you think about it, it might be possible for you and/or all of your employees (or at least some of them) to work from home. Telecommuting can greatly reduce your need for office space, and as a result greatly reduce your business overhead costs. It seems that today’s business culture is leaning toward the work from home movement, so it is at least worth it for you to look into what it would take to enable your employees to do so.
Outsourcing. If you find that you don’t necessarily need a full-time or on-site staff member to handle certain aspects of your business operations (IT or marketing, for example), then you may want to look into outsourcing those jobs on an as-needed basis.
Going green. In addition to being politically-correct and great for the environment, going green can also reduce your overhead significantly. Replace all of your light bulbs and office appliances with energy efficient versions, and enforce a paperless policy in the office by sending and receiving documents electronically.
As you can see, there are some simple things you can do to greatly reduce your small business overhead costs. Times are tight financially. That doesn’t mean your business has to suffer for it. Just make some new decisions.