By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Agenda
    • Business Books
    • Marketing
    • Technology
    • Wellbeing
    • Finance
    Reading: Cost Cutting:

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    How To Keep Your Business Premises Looking Professional
    Start Your Business Start Your Business
    How to Manage Construction Expenses as a Small Business
    Start Your Business Start Your Business
    How To Make The Most Profit From Your Custom T-Shirt Business 
    Start Your Business Start Your Business
    5 Traps To Avoid When Starting A Clothing Brand
    Start Your Business Start Your Business
    How To Start A Maintenance Business In 8 Easy Steps
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    Don’t Start Your Overseas Move Until You’ve Considered The Following
    Start Your Business Start Your Business
    How To Keep Your Business Premises Looking Professional
    Start Your Business Start Your Business
    Harnessing the Power of Business Automation: A Comprehensive Guide
    Start Your Business Start Your Business
    How to Master The Art Of Trade Show Planning: Tips For Busy Entrepreneurs
    Start Your Business Start Your Business
    Getting Your Product Out To Customers As You Would Like To
    Start Your Business Start Your Business
  • Book
Reading: Cost Cutting:
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Cost Cutting:

Start Your Business
Business Advice Uncategorized
Share
4 Min Read

How To Do It Without Harming Your Business

Businesses want to make a profit – the difference between the revenues they earn and the money they have to spend to generate those revenues. There are, therefore, two routes to increasing profits: increasing revenues and cutting costs. 

Contents
How To Do It Without Harming Your BusinessNegotiate Your RentSwitch To RenewablesInvest In Employee HealthShift To Remote Working

In this post, we will focus on the latter: cutting costs. Sometimes, brands are reluctant to cut costs because they worry about the effects that doing so will have on their brands. They fear that if they cut costs too much, then the quality of their products and services will begin to fall. 

Fortunately, there are usually – if not always – opportunities to cut costs that have no meaningful impact on your business’s performance at all. You’re streamlining, but with none of the downsides. Let’s take a look at some of the downside-free cost-cutting methods you could use. 

Negotiate Your Rent

When you think about it, the amount that you pay in rent has no impact on the quality of your business. It’s just a fixed cost for using your current premises. Thus, negotiating it down is a way of reducing expenses with few, if any downsides. 

The best way to get your rent down is to think long-term. If you know that you’re going to be in the same premises for the next ten years, then it is a great idea to lock in your rental agreement with your landlord. Just tell them that you’ll guarantee payments for the foreseeable future, so long as they cut the monthly cost of rent. Remember, most commercial property owners would always prefer to have a stable and slightly lower income than a high one that fluctuates all the time. 

Switch To Renewables

You might also be able to save money on energy bills if you sign up to a community solar project. The idea here is to share the cost of capital with other people in the community, thereby lowering the cost of energy production for everyone. Check the prices in your area and see if they come in cheaper over the long-term than traditional grid power. Usually, they do. 

Invest In Employee Health

When employees’ health and wellbeing begin to suffer, it can take its toll on your bottom line. Once burnout starts creeping in, standards start declining and people take more sick days. Furthermore, it can even lead to a higher staff turnover as workers look for easier roles and cushier positions. 

Investing in the health of your employees is, therefore, vital. Think about how you can improve their wellness at work and manage their stress levels. Be sure that they’re taking breaks in the evenings and weekends and that they have real downtime, away from the constant barrage of emails. 

Shift To Remote Working

Lastly, you might want to consider permanently shifting to remote working. This way, you can lower or eliminate many of your fixed premises costs, with minimal impact on your business as a whole. If you still need office space, you can always rent it by the hour instead of paying for it all month long. 

 

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business June 3, 2021
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
We use technologies like cookies to store and/or access device information. Cookies are used for ads personalisation We do this to improve browsing experience as well as show personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?