In order to keep your business sustainable, it’s important that you keep unnecessary business costs down so they don’t eat into your profit. Money can easily leak out from your business if you don’t monitor your ingoing’s and outgoings. Even those costs which are seemingly small can soon mount up and because of this you can end up seeing profits dwindle.

Besides the everyday smaller costs, there are some changes you can make to save your business money. Here are some of the ways you can cut unnecessary costs to help you stabilise your business.

Overheads

The rent for your workplace will undoubtedly be the largest cost you have. If you have office space for instance, opt for industrial over commercial. Industrial office space is a lot cheaper than commercial office space and can save you hundreds or even thousands each month. If you're a one man band, then consider working from home or co-working. This way you can cut out overheads, commuting costs and even costs for business wear. 

If you currently work in an office and your business is expanding, rather than needing brand new premises or an extension, consider letting some of your workforce work from home or work to flexible working hours. 

Resource

If you need new staff but don’t have the budget to hire someone, consider offering graduates the chance to work as an intern. Many graduates are brimming with ideas and are looking for that chance to put something tangible on their CV. Some graduates may even be happy to work for free in order to gain some exposure.

Consider working alongside some businesses that are just starting out and would be grateful for the collaboration. Depending on your business you could offer your services in exchange for theirs. If you have a marketing business for instance and they’re accountants, consider offering free marketing and advertising in return for them doing your books.

Marketing

Traditional marketing can be expensive but you can market your business for free and in a more cost efficient way. Word of mouth is the most powerful way to market yourself and doesn’t cost anything so use this to your advantage. Depending on what your product or service is, you could give a presentation or a demonstration at a local event, exhibition, gala or even a coffee morning. Give away some free samples of your products and have a promotional voucher or flyer to hand so that your potential customers have a reason to follow up your service.

Use social media to your advantage and set up a business page. Offer industry related news, tips and information to your customers; it’s a good way to interact with your potential customers and build up friends and followers. You could then post out offers, promotions and giveaways after you have built up a genuine following.

Buy Used Equipment

Used equipment can enable you to kit out your office or warehouse for less. If you have an office, consider getting equipment from offices which are closing down or moving. If you have a warehouse based business, consider buying pallet racking or shelving for your warehouse storage. If you need some second hand pallet racking, click here for more information.