Top 10 tips on Cost Control To keep your business costs under control, there is no shortage of action which you can take. The main challenge is prioritizing. It is best to start by focusing on straightforward and simple steps that can immediately save money. These include obvious steps such as getting rid of unused telephone lines, turning the heating down, and switching off equipment that is not in use. Moving to more substantial cost control measures which requires extensive analysis is the next step such as making your production processes much more efficient and reducing costs of payroll. To make your business more efficient by improving on how your business works is the main aim at this stage. You might also think about moving to a smaller and cheaper office or by integrating and introducing hot-desking or home working in order to reduce travel expenses and space requirements.
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For easy savings, you could start with the following steps: Check the supplier invoices for overcharging. You might have missed out on some discounts or might have been billed twice for the same item. Until you are absolutely sure what you are paying for, do not sign that cheque. Reduce the expenses of communications. Using your corporate intranet, using second class postage, using email wherever possible in order to avoid repeating unnecessary meetings and information can all aid in saving money. You can think about switching to a cheaper telecoms supplier at a later stage. Efficiently utilize energy. This includes not heating your business areas at night, installing light bulbs which are energy-saving, and switching off PCs and other equipment when not in use. You could, as a next step, review a few more of the fundamental aspects of your business for long-term savings: Change your business premises. Move to a cheaper premises or run your business from home and stop renting an office should also be thought about. Lower your payroll costs. Is it feasible to make greater use of the current technology, or switch your payroll process to a cheaper system? Outsourcing your payroll to an accountant or payroll agency is also another option you may also want to think about. In the long run, it may work out cheaper even though there will be a fee to pay for this. For goods and services, find low-price suppliers. Instead of buying them, you may also consider leasing goods. Prepare your production in order to be more efficient. From your production processes, could you reduce waste? You could think about lessening your product range or altering components in order to lower manufacturing costs. The risk of products being rejected or having to be reworked could also be reduced by improving your quality control procedures.