Staying profitable during these trying times is one of the biggest challenges facing many businesses today. While you may be able to ride out these difficulties without making any changes, there’s a bigger chance you’ll need to pivot your business to protect your bottom line.
Making a huge change in the middle of the pandemic may not be on the docket, but luckily, you don’t have to reimagine your entire operation to unearth more money. Your overhead costs are a prime opportunity for savings.
So, if you’re struggling to get your company out of the red, check out these three simple steps. They’ll help you lower your overhead expenses to give your cash flow a much-needed boost.
1. Move to a Better Office Space
Today, offices have adopted work-from-home policies, or they’re staggering shifts to ensure fewer people are in a space at one time.
While these de-densification tricks are integral to your employees’ health, it may mean you’re paying a lot for square footage you don’t use. If commercial real estate is one of your biggest overhead costs, consider downsizing to a smaller space during the pandemic. While moving can be a stressful experience, you can move your office the easy way with professional movers.
In these unusual times, you don’t want to welcome just anyone through your office doors, so it’s crucial you find an office moving company that understands the need for safety during a pandemic. The best office moving companies will gladly share their strategy for reducing the risk of spreading COVID-19 to maintain the health of their movers and your employees.
2. Review Your Regular Bills
Every business has bills. You pay for electricity to power the lights, computers, and servers. You may pay for maintenance and repairs for specialized equipment. You likely have a phone and internet plan for business devices, and don’t forget about your business insurance plans.
While you’ll always have to pay for these services, you may not have to pay as much as you do currently. Take the time to review your profile and plans before you call your providers. You may be able to reduce what you spend by switching to a lower-cost plan or changing your provider entirely.
You should also look into eco-friendly business habits that can help you manage your utility costs.
3. Consider Cloud-Based Accounting
Making the switch from traditional accounting software to cloud-based services can help you lower your overhead. Unlike traditional software — which is a siloed program that must be licensed for each computer and user — cloud-based accounting is available wherever and whenever you have the Internet. Cloud-based systems aren’t tied to physical devices, which means you (and any other authorized user) can access data and update files as needed.
Its service fees typically cover the cost of upgrades, administrative costs, server failures, and general maintenance costs. When using traditional programs, you’re on the hook for all these IT tasks and their bills.
Your bottom line is something worth protecting, so take the time to consider your overhead costs carefully. While they may seem like they’re set in stone, there’s almost always a way to cut these costs. Moving an office, negotiating your plans, and switching to cloud-based services are just the beginning of your cost-saving ways!