You’ve worked long and hard to get where you are in your career. And as your company’s CEO, it falls on your shoulders to keep costs low and productivity high. While running any business comes at an expense, it is possible to trim costs with relatively simple strategies and tools. Here are a few that turn excellent CEOs into even better leaders.
Take your payroll in-house
Larger companies often benefit from outsourcing payroll due to a large volume of employees and overhead or they in-list the help of a payroll management service.
Smaller companies, however, with less can easily trim costs by keeping the role in-house and using the proper free accounting software. Look for a program offering technical support, and task an employee or manager to become fluent with the system.
Use Free Project Management Apps
Eliminate the need for a full-time project manager and streamline the organizational process by using management apps. Podio offers an online platform that allows your staff access to company calendars, activity streams and organized tasks.
Upgrade to an inexpensive app like Basecamp and set restrictive filters to keep some projects viewable only by select employees, gain full access to your team’s progress on one easy-to-read page, and invite clients to access certain pages for feedback, collaboration, or approval. Basecamp also offers a drag and drop function to make uploading files quick and easy.
Share Office Space
Shared or co-working office spaces are ideal for emerging businesses that don’t require a large space to themselves. Reduce overhead and rental expenses by sharing space in an office co-op with conference rooms, kitchens and high-speed Internet. Resources like SharedDesk.net can help narrow down your search by location and number of employees. It can also help you turn your own office into a shared work space to earn extra money and create another revenue stream for your company. Alternatively, online office space brokerages like Offices.co can help connect your business with a range of shared office options across the world, available on flexible lease agreements.
Lease or Buy Used Equipment
Save your company up to 60 percent just by purchasing used copiers, refurbished computers and other supplies. Most major electronics retailers, including Apple, offer refurbished options.
Another option is to lease your office equipment if buying used isn’t practical for your needs. While your company may end up paying more money for the equipment in the long run, leasing allows flexibility to secure the latest technology and trade up for new equipment. However, it’s important to note, if you start leasing items, services, or equipment, you will need to factor these costs into your business accounting. One of the easiest ways to ensure this is done correctly and within compliance is to research into the likes of IFRS 16 lease accounting, and software that can ensure you stay within the required regulations.
Partner with Local Company
Combine forces with other businesses to cut costs on promotions and marketing. Identify potential partners with complimentary services that interact with a similar customer base but without being direct competition. If you run a chiropractic office, for example, a licensed masseuse may be a complimentary fit. Pitch the idea by offering a jointly-run event or clinic, send coupon’s to each other’s mailing lists or leave flyers in each other’s office.
