When considering small business expenses, it can be easy to see dollars fly out the window but with a few evaluation techniques, lowering your overhead can bring great peace of mind.
Successful business ventures require your attention, focus, and effort. As you evaluate your business and strive to lower your overhead costs, you also have to consider your strengths and where you should rely on others. Areas to evaluate include:
- Evaluate Your Current Services. What services can be done in house and what needs to be done with the support of others? Examples include bookkeeping, social media, taxes, etc. Consider how much time, effort and expense goes into each service as well as the energy involved in changing the current service activities. Most small businesses upgrade their services over time as their business efforts expand and contract so modifying one or two service efforts a year may be a good start.
- Evaluate Your Organization Processes. Being organized is key to keeping your costs down and staying ahead of overages. inevitably, business ebb and flow. The more organized you are in the busy times, the easier it will be to help maintain a calm workplace and steady workflow - not to mention keeping customers happy!
- Evaluate Your Staffing. Consider your time management efforts, perhaps they are better served in passing certain tasks along to others. It is critical to have good, reliable business partners that can help with tasks you don’t have the capability to handle. Staffing can meet a variety of needs and timelines. I have people who have worked with me for more than 10 years and people I just met through networking who I am hiring as independent contractors for specific projects and skills.
With lower overhead expenses, you can often make price point decisions you otherwise wouldn't be able to make, ensuring the success of your business in a variety of situations.
Hoping you can use these evaluation techniques as next steps for big impacts in your small business,