If being in business was easy, everyone would do it. Those of you who run your own businesses already know how difficult it can be.

But as the next problem falls into your lap, take comfort in the fact that nothing in life can be worth it AND it’s easy at the same time.

But it’s possible to bring a little more ‘easy’ into your business life by looking outside the box when it comes to driving the bottom line; to do a bit of a ‘move and wobble’ around your cost base.

Here are seven top tips to help you do just that.

1. Invest in an accountant. Understanding how the tax system works and how a small business can legally operate within it can reduce the tax bill your business pays. We know some people who run businesses that do their own accounts, and we always say that’s a mistake. To begin with, the task consumes time, but does not generate income. It’s best to work for clients and call in a good accountant who understands not only how taxes work, but also how they work in relation to your own circumstances. That way, he will pay as little as legally possible.
2. Turn things off. We know of a senior manager who didn’t turn off his desktop for over three years, even when he went on vacation for a fortnight. Perhaps he worked in one of the offices in our photo? Think of the electricity that is wasted with lights on in unoccupied offices and other computers humming to themselves when no one is there. Turning off appliances that are not in use reduces energy bills. And while we’re talking about lowering energy costs, investing in renewable energy is worth considering. Photovoltaic panels or solar water heating on the roof can make a significant contribution. (And they all care about the planet and are good at their CSR reporting too)
3. Drive differently, or don’t drive at all. Microsoft’s latest business software suite, Office 365, includes the option for employees to have Skype for Business accounts. As the software becomes more widely used and its ability to virtually put people in the same room becomes more accepted, you could save twice as much. The first savings is in the cost of running the vehicles; the second is to eliminate the potential ‘down’ time involved in driving to see customers, when employees are paid but earn no income.
4. Keep a tight kidney in stock. When you see shelves full of stock in your warehouse or office, try to imagine it as piles of money, but it’s money you can’t use to pay bills or staff; money with which no more raw materials can be bought. As a result, it could be seen as a waste. Keep stock levels as low as possible to meet customer demand and you’ll have more cash in the bank to support and grow your business.
5. Don’t get comfortable. When did you last review the prices included in agreements you’ve had with vendors you’ve been working with for years? Are they still competitive? How do you know? In fact, were they ever competitive? It never hurts to talk about how there might be ways to cut costs. Perhaps a supplier could offer a slightly different material that would do the job for you but at a better price. If you don’t ask, you won’t know.
6. Measure and control. Use a money management app to get your expense management on a formal and efficient basis. There is a range of products designed to suit everyone, from sole traders, where we started over a decade ago, to versions for small businesses, SMEs and corporations employing thousands of people. They all have characteristics applicable to the size of the company they are aimed at. The only way to know if they’ll work for you is to give them a real-time test run in the store. They could revolutionize your expense management systems just as effectively.
7. Remember the other budget. It’s about time, and we advise you not to push yourself too hard by injecting too much of yourself into the business, because you can’t ask for more. By optimizing processes with the help of available technology and work practices, you can accomplish more in less time, improving your quality of life and your health. And that will allow you to keep a sharp focus on how you run your business – being tired or overworked can lead to costly mistakes. Don’t let that happen to you.