4 ways to minimise your business expenses

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Being a business owner means keeping costs low and finding ways to maximise your cash flow wherever you can. Anyone with a little business savvy knows that lowering costs without piling up your workload can be a real challenge. Luckily, we’ve put together some of our top tips for getting the most bang for your buck – and bucks for your biz.

1. Outsource more work

Outsourcing niche jobs means you can eliminate the ongoing payroll costs associated with hiring full-time staff. While the cost per hour may be higher, you’ll only be paying for the work you need. That means you could be paying a lot less in the long run.

Plus, outsourcing some of the work you do yourself – like admin or marketing – means freeing up your own time to focus on the parts of your business that need the most work, or the tasks that only you can do. You’ll also benefit from a professional touch, which could lead to better ROI down the line.

2. Get a virtual assistant

In the same line as outsourcing, a virtual assistant can save you a whole lot of time and money. Choosing an online assistant for your admin or customer service means lower overheads and is more affordable than paying someone to work in the office.

3. Lence your unused space

Whether you’ve freed up some space by outsourcing, or only use your office some of the time, letting people hire your unused business space is a great way to earn passive income.

Lence lets you hire out your unused warehouse, commercial kitchen, office or creative spaces simply and easily. You can Lence out a desk – or a portion of your warehouse space – permanently, semi-permanently or casually to reduce costs. Or, if you only use your office some of the time, you can rent out the whole space when you’re not there. So you could work 9–5 and then make some passive income on weekends.

4. Eliminate unused phone lines

The world has gone digital. Phone line rental is expensive and – let’s face it – unnecessary. To minimise your business costs, eliminate your unused (or rarely used) phone lines and replace them with video calls and Skype instead. You’d be surprised by how easy it is to take your entire communication system digital.

Bonus: Earn extra passive income by collecting mail for freelancers

Many sole traders work from home or on the move and don’t have a business address. By offering your office as a mailing address, you can make a small amount of money on the side. All you have to do is collect mail on behalf of freelancers and sole traders you trust, and then shoot them an email once a letter or package arrives for them.

In exchange, the freelancers will pay you a small fee every month. So you get a little extra cash flow, and they get the benefits of a business address. It’s a win-win.

 

Looking to start making some extra cash from your unused workspace? Let people hire out your business space when you’re not using it. From warehouses to commercial kitchens to office spaces, Lence lets you turned your empty space into some well-deserved passive income.  List your space today.

Image by flickr user Ben Hosking

 

By lenceadmin | 28/11/2016 | Uncategorised | No Comments

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