5 ways to cut your operating costs
June 2023 – An economic crisis, unexpected financial setbacks, cut-throat competition... There are many reasons why you might want to cut costs in your SME. Below, we list a few possibilities.
Save by optimising costs
To make savings, you first need to know exactly what you are spending your money on. Make an overview of all your expenses per month or quarter: phone subscriptions, insurances, salary costs, maintenance costs, energy, ... Then see which costs you can cut and where there might be a margin for negotiation with suppliers.
Engage freelancers and students
Permanent employees cost handfuls of money. For some companies, it is cost-effective to recruit temporary staff in the form of freelancers, students or interns for certain assignments, projects or tasks. In this way, you catch peak moments cost-efficiently and you have an additional recruitment channel to detect young talent.
Digitise and automate
Is too much time wasted on repetitive administrative tasks? Know that today there are many ways to automate complex business processes, from accounting to ERP. This will save you time and money. Moreover, your employees can focus on what really matters.
Evaluate your mobility spending
Now that teleworking is firmly established in the SME world, it is a good idea to also evaluate your company car policy. Do your employees really need a car, or is a bicycle combined with public transport more interesting? If necessary, switch to pool cars, which rotate between your employees according to their mobility needs. Not only will you save money, but you will also save the environment.
Seek advice from your accountant
Small companies sometimes lack the expertise to analyse certain figures correctly. An external accountant does have that knowledge and also looks at the results objectively. An accountant can do much more than process invoices, draw up annual accounts and fulfil tax obligations. He or she acts as a full adviser to the SME. Make use of it.
