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Independent Financial Solutions

Contact: Matthew Sedgley
Address: 26 North Street, Emsworth, Hampshire, PO10 7DG
T: 01243 432430 | M: 07900 927817
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I am a fully qualified Independent Financial Adviser and work for Independent Financial Solutions. Independent Financial Solutions are truly Independent…

Listed in: Independent Financial Advisers

I am often asked for help with reducing overheads in order to brighten monthly forecasts but in truth, there is no definitive solution. Whilst you can take steps to reduce some of your overhead spend, the nature of running a business means there is only so far you can go! Here are a few key pointers that I would recommend considering:

Tip 1:
Go paperless
Breaking away from the tradition of filing cabinets and mounting paperwork may cause a ruckus in the office but will benefit your business in the long term (and can help save the planet too!). Try backing up all your documents onto a cloud or online filing system. That way, you can reduce the amount of paper which will in turn reduce costs on toner, ink, paper and electricity. You could then sell the filing cabinets for extra cash – win-win!

Tip 2:
Hire the RIGHT people
Productivity is key to your business, so hiring the right people is so important. When making crucial hiring decisions, ensure that the candidate is willing to help maximise revenue and is keen to aid towards the growth of the business. Before any of this, I would suggest considering whether employing an additional member of staff is actually necessary or whether you can keep it internal by training existing staff in new areas. It’s something to consider…

Tip 3:
Find the perfect office
Take a look around your office…do you really need all of that space? How high is your ‘desk-to-person’ ratio? As workforces ebb and flow over time, internal office reviews rarely take place. Consider where your office is; remember that central city complexes will often carry a higher price tag – plus cost for parking in some. Think about whether you actually need an office space; could you move to a serviced office, or take advantage of utilising meeting spaces ad hoc?

Tip 4:
Review your utilities spend
Utility bills are an unavoidable cost to your business but are a key area to review. When contracts are being renewed, ensure that you are getting the best deal by shopping around and using price comparison sites. Is the electrical equipment turned off when the office is empty? It might even be worth investing in an energy efficient heating system. Take the time to consider how you can cut down your utilities bills by accounting for each item.

Reviewing your overheads should be a regular, ongoing occurrence. Whilst we tread carefully when considering costs within our businesses, we rarely reflect this caution within our accounts at home. Cost cutting exercises aren’t just for your professional capacity, the same review should be carried out at home, too, to ensure maximum value at minimum cost.

It’s important to note, however, that these cost-cutting tips will not drastically rejig your monthly forecasting chart. Be sensible in what you think you can actually achieve, by stepping realistically and carefully.

For a point in the right direction I would be happy to have a chat.