5 Ways to Save Money In Business

by | Nov 7, 2018

With budgets becoming ever tighter, businesses are looking for ways to save money. For most of them, it means changing the way they operate and cutting back on expenses.

In today’s post, we will suggest a few different options for you to consider. Each will help you save money in some way.

Review your expenses

You’ve budgeted for a certain expenditure, but have you reviewed your actual spending? More importantly, have you checked to see whether the expenditure is worth it? Upon closer examination, you will probably find both small and large costs which are eating away at your budget for no real return. These are the ones to eliminate first. For example, could your power bill be reduced by lowering the office temperature by a degree or turning off equipment which isn’t being used?

Know your customer

When you know your customer well, it’s easier to identify which of your services and products will serve them best. You can then scale your offerings to suit their needs and cut back on the less effective areas. Understanding your customer helps you create well-targeted marketing campaigns, too. You know what they want to hear, what problems you can solve and how they will react to your newsletter and advertisements. Build your marketing around that. Get your message across to the right people and stop spending money on advertising which missed the target.

Keep your accounting system up to date

Avoid the temptation to stick your head in the sand. By keeping your accounts and bookkeeping up to date, you can monitor your cash flow and prepare for upcoming expenses. You’ll see where your money is really going, and what’s causing it to dry up. When you know what you’re facing, you can deal with it. Ignoring your accounts will not make it go away. In fact, the longer you put off your bookkeeping, the worse off you will be.

Take care of your team

Nobody wants to leave their jobs in this tough economic climate, but they will if they aren’t happy. Look after your team, especially the most valuable or hard to replace members. Give them a bonus or treat the team to something special. Yes, it will cost you, but when you think about the added expense of recruiting and training a new employee, the small price of retention is worth it.

Outsource

Why hire someone to do the job if you can outsource it? You don’t need to pay a full-time salary, yet you’ll still have the work done as and when you need it. Often, outsourced work can be turned around faster and produced to a higher standard, too. Outsourcing can be used in many areas including administration, marketing, sales and bookkeeping.

Before you decide to adopt any of the methods here, we recommend thinking through the impact of your choice. For example, cutting back on staff induction training might seem good on paper, but what might it cost you in the longer term as the new team member struggles to find his or her feet? Or perhaps outsourcing isn’t the wisest choice if the work doesn’t meet your standards.

Saving money isn’t simply about making cutbacks. The real key to cutting business costs is to pay attention to your finances, track them and measure their returns. If this isn’t your forte, outsource the work to our expert team. Call us on 02 9699 2880 and stop your unnecessary spending.

Want to find out more?

T: 02 9699 2880
E: admin@accountsstudio.com.au

A: First Floor
8 – 10 Hart St
Surry Hills NSW 2010

What our clients are saying...

I got to know Sophie through my previous employer where Sophie still handles the bookkeeping side of things. While we worked together I have found Sophie very accurate, punctual and very pleasant to work with. And recommend her highly.

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

2017-10-13T09:55:05+00:00

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

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I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!

Eleni Mitakos
Galmatic Pty Ltd

2017-10-13T04:16:02+00:00

Eleni Mitakos
Galmatic Pty Ltd

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!
I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

2017-10-13T04:20:03+00:00

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"

Fast Ed
TV Chef from Better Homes & Gardens

2017-10-13T04:23:15+00:00

Fast Ed
TV Chef from Better Homes & Gardens

"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"
Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.

Belinda Grundy
GM, Property Styling Online and BG Property Styling

2017-10-13T09:21:50+00:00

Belinda Grundy
GM, Property Styling Online and BG Property Styling

Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.
Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.

Sue Heins
Councillor at Warringah Council

2017-10-13T09:25:16+00:00

Sue Heins
Councillor at Warringah Council

Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.
Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.

Anne Maybus
Writer and Content Creator, Clever Streak

2017-10-13T09:26:35+00:00

Anne Maybus
Writer and Content Creator, Clever Streak

Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.
Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.

Adam Dobson
Strategic Resourcing Manager

2017-10-13T09:28:24+00:00

Adam Dobson
Strategic Resourcing Manager

Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.
I’d been stalking Sophie for a while since I saw some of the great work she did at Ideas Book. What she’s up to at the SOHO Agency is equally impressive and I’m delighted to have someone working in this space who I feel so confident referring onto others. Keep being brilliant Sophie!

Robert Gerrish
Founder and Director, Flying Solo

2017-10-13T09:30:45+00:00

Robert Gerrish
Founder and Director, Flying Solo

I’d been stalking Sophie for a while since I saw some of the great work she did at Ideas Book. What she’s up to at the SOHO Agency is equally impressive and I’m delighted to have someone working in this space who I feel so confident referring onto others. Keep being brilliant Sophie!
Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

2017-10-13T09:30:59+00:00

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.