4 ways to cut business costs this year

Businesses are always looking for ways to cut costs. By definition, the purpose of a business is to make money, but everyone knows that you have to spend money to make money. The trick is not spending too much!

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Every business has different costs and working on cutting the ones specific to each business varies by industry. However, there are several areas that all businesses share that can be looked at in regards to cutting down those red numbers.

Apprenticeships

It’s true that hiring apprentices can be difficult and time-consuming, as finding the right candidate is very tricky. However, allowing a youngster to be privy to the ins and outs of your business and first-hand experience can get them involved in a way that even an entry level job probably would not.

This is why the new apprenticeship levy should be of interest to a business of any size. Apprentices are an investment, in return for the work experience and life skills the apprentice works for considerably lower rates of pay and the money you save for your business now will be repaid later with a carefully nurtured and knowledgeable employee.

Re-thinking Advertising

Advertising can be incredibly expensive, but it doesn’t have to be. Forbes report that forgoing traditional paid advertising for social media and other networking channels is incredibly cost effective as much of it can essentially be free.

Simply signing up for the likes of not only Facebook, but Twitter, Instagram, Pinterest, and YouTube cost absolutely nothing but can be invaluable channels for getting your product or service in the public eye. If money is really tight, advertising can be one of the best things to cut back on because while it may cost you business in the short term, overheads will immediately drop way down.

Telecommuting

Telecommuting simply means allowing your employees to work from home. Anyone who can work from home is often the envy of the office, with good reason. An article in Forbes suggests that employees working from home are more productive than in a stagnant office, reporting that an office environment can be stifling to creativity, as well as the fact that sensory stimulation is important when it comes to motivation in work.

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By saving costs on electricity and other general upkeep expenses, the business will also improve employee morale and by extension customer satisfaction.

Van tax benefits

By acquiring vans for your company rather than cars, you can cut down on the amount of tax your business has to pay. This is because the taxation of a van compared to the taxation of a car can be much less.

Vans also have added benefits of the capability to transport more goods, more efficient CO2 emissions, and superior advertising potential. Moreover, by leasing the van from a van leasing company such as Leasewell, there are even more tax benefits on top of the already fantastic prices.

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