Once you have set up and created an established business, your mind may begin to turn towards future potential and growth.
Growing without a plan can lead to your business taking on too much and being unable to fulfil orders. Organic growth is always the best. That being said, there are some prudent decisions you can make to cut costs as you scale up.
Invest in pre-owned company vehicles
There are several reasons why a company may need to use company cars. You may have travelling salesmen or use them to visit different factories and workshops. Whatever the reason, a fleet of cars is a significant outlay for any business.
Consider investing in used company cars instead. Used cars are often as reliable and functional as new cars, so you can be sure they are a sound investment for the future. Not only will you reduce the initial outlay of cash, but using pre-loved vehicles has lower depreciation rates. If you do come to sell them, they will still fetch a decent price.
If for example, your business is based in Cannock, try to explore local dealerships for your fleet. Companies can explore local garages and car lots for quality used car available.
Leverage digital marketing tools
Many business owners will agree that a well-thought-out marketing campaign can be incredibly effective but may also be quite expensive.
As your business grows you need to let potential customers know about your new services or lines of product. If you want to cut costs as your business adjusts, you could save the flashy marketing campaign until you have more of a profit pot.
Instead, utilise cheaper methods such as social media advertising and email campaigns. You can opt to do these yourself to save even more money. These types of marketing strategies are great for reaching a lot of people quickly and easily.
Adopt flexible working arrangements
Physical office premises are often a huge monthly expense. There are many arguments for why working in person five days a week is beneficial, but one of the main points against traditional office environments is the cost.
If you were to implement a hybrid working schedule where workers only attend in person twice a week, you could downsize your office space. This will reduce your rental costs as well as any bills and extra administrative costs.
You could consider selling any excess or unneeded furniture once you move to a smaller space. This helps drum up some much-needed revenue.
Not only will you improve the outlook of your finances going forward but you may notice an improvement in staff morale. Research regularly shows that a happier workforce leads to a higher level of motivation and production. This is the attitude you need when you are looking to grow your company, so everyone is a winner!
