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How can your businesses cut costs?

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As the cost-of-living crisis continues, your business might be looking for ways to cope with soaring energy bills and interest rates.

If you’re thinking about using your business’s savings to stay afloat, you’re not alone.

In fact, a survey from Investec revealed that 43 per cent of SMEs are expected to use their savings in the next six months.

According to Investec, SMEs have an average of £117,000 in savings, but this can vary significantly between companies.

But, if your business does have savings, you don’t want to be dipping into them without good reason.

What are your other options?

There are some things that you won’t be able to control, but small considerations can make a big difference to your overall costs.

Consider the following:

Reduce your office space

If you offer remote working, you might not be using all of your office space. So, think about moving to smaller premises if you can do so.

This can reduce your overall rent, and have a knock-on effect of reducing your energy bills.

Make use of cloud storage

Storing all your important documents in the cloud can save you money, and keep your data secure.

Storing your documents in the cloud will eliminate the need for expensive hard drives and will make way for automation, which will reduce the pressure on your staff.

Outsource to experts

Training members of staff to specialise in new areas is expensive, so outsource if you need to.

You can choose to outsource your payroll, bookkeeping, marketing and more. Passing the reins over to experts will also reduce the chance of mistakes, which can save you time and money in the future.

Need advice on cost management? Get in touch.