Expenses you can avoid in a company

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Controlling your company's expenses can be a complicated task, especially if you don't know which ones you can cut. Implementing a cost-cutting plan will allow you to increase your business's revenues more quickly. And since it's never too late to start, we'll give you some tips to reduce expenses in your company . You'll notice the results!

Set a limit and some goals
The first thing you need to do is decide what percentage of expenses your business can afford, taking into account income, payroll and other costs. To start, look at your fixed costs: are they all really necessary for the development of your business? Get rid of the ones that are not essential. As for the variable costs (raw materials, labour costs, packaging, taxes), select those that can be reduced. Now that you know where to cut and how much you can spend per month, set some goals and get to work!

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Reduce consumption of basic expenses
Small details such as water, heating, electricity or paper make the bills grow considerably every month. Here is a list of basic tips to save energy in your business :

Use low-consumption light bulbs to save on electricity.
Install light detectors in areas that are rarely used by employees, such as bathrooms, so that lights automatically turn off when they detect no one's presence.
Include timers on sinks and water fountains to prevent faucets from being left on when no one is using them.
Use renewable energy to save on traditional energy.
Set printer limits. For example, prevent an employee from printing large files or printing in full color to save on ink.
Get a flat rate for business telephone and internet to avoid high bills.

Have you heard of economies of scale? The concept refers to bahrain number data reduction in the unit cost of a given product or material as production increases. In other words, the more you buy, the cheaper each unit will be. Apply this theory to all your material purchases and place orders monthly or annually, rather than weekly.

Take advantage of the spaces in your office
As long as it doesn't affect your employees' comfort, try to make the most of every space. For example, if you have rooms or offices that you don't use for anything, why not try renting them out as spaces for events or meetings?

And if you think that having an office is a high and unnecessary expense, you can consider other options such as coworking, to develop your business activity without paying a monthly rent.

You can also read The best coworking spaces in Madrid



Use business exchange
Business barter has always existed. Today we can see new forms of business exchange whereby companies exchange products, services, time or work. There are also associations where many professionals exchange skills, allowing them to acquire new knowledge in exchange for other knowledge. If you are interested in this aspect, sign up for a business exchange system to pay in kind for some products and services that your business uses as part of the operation.

Take advantage of social networks
Social networks are an excellent option for communicating with customers and building customer loyalty. They can also help us cover a number of activities that could be an additional cost for the company. For example, a company can use social networks as a customer service to resolve incidents almost in real time. They can also be a powerful tool for conducting market research by distributing small surveys. With the social network LinkedIn we can carry out staff selection without the need for intermediaries or agencies.