Connect with us

Hi, what are you looking for?

Editor’s Pick

4 simple ways to reduce your business running costs

Regardless of the size of your business, you should regularly monitor your outgoings. Costs can mount pretty quickly, so saving money wherever possible should always be a focus.

The good news is that even small changes can make a big difference, so you might be surprised at how much of an impact it can have on your bottom line.

Here are 4 simple ways to reduce the cost of running a business.

The cost of premises

If you rent business premises and are not tied into a lengthy lease, be realistic about what you have versus what you need. It may be that they are far more sizeable than necessary, or you may simply be paying too much rent. Downsizing or moving to a less popular location could save you thousands each year.

If you own your premises and have excess space, you may even want to consider letting part of it out to generate additional income.

Shop around for vehicle insurance

Company vehicles can cost a fair bit to insure, so it is worth shopping around for quotes every year. You can go direct, but if you want to save a bit of time and money, companies like One Sure work with several insurers and underwriters and so can offer you some of the cheapest deals available on both van and car insurance.

You may be tempted to auto-renew your insurance, but it could result in you paying far more than you have to.

Take advantage of free advertising

Many social media platforms don’t cost a penny to advertise on but can boost your sales and your brand, so as well as paid for advertising, use the free options too. Instagram and Facebook are very popular but don’t forget that Tik Tok isn’t just about mastering dance moves or singing. Many people are now using it to build their businesses.

Whether it be a creative piece about a new product, or a clip showing how you pack an order, take advantage of the millions of users who might see it or share it. It only takes one to go viral, and you could boost your brand overnight.

Reduce office running costs

If your office running costs are getting out of control, it might be time to consider whether you can reduce your spending. Switching to LED lightbulbs with motion sensor lighting is a great way to reduce your electricity bills and help the environment at the same time. If you own your premises, then another option worth looking into is solar panels.

If you don’t currently monitor office supplies and any member of staff can order anything at any time, it may be worth restricting this. Having someone authorize each order or setting department limits each month is a great way to reduce waste and save some cash at the same time. Over-ordering is a common theme in offices, so keeping an eye on expenditure should minimize the chances of it happening.

Read more:
4 simple ways to reduce your business running costs

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



A worker of Ayala Corp’s Integrated Micro-Electronics Inc. (IMI) solders an automotive computer component part at an electronics assembly line in Binan, Laguna south...


MARI GIMENEZ-UNSPLASH THE NATIONAL Government plans to borrow P200 billion from the domestic market in July, the Bureau of the Treasury (BTr) said on...


SCOTT GRAHAM-UNSPLASH PHILIPPINE PRESIDENT Rodrigo R. Duterte has signed an order updating the list of investment areas where foreign ownership is limited or barred....


ETIENNE GIRARDET-UNSPLASH WHOLESALE PRICES of building materials in Metro Manila jumped to their highest in more than a decade in May as construction activities...


MAYNILAD Water Services, Inc. targets to distribute starting in July up to 10 million liters per day (MLD) of its “new water” or treated...


SOLAR Philippines Power Project Holdings, Inc. was able to forge contracts for at least 60% of the 10 gigawatts (GW) of energy capacity that...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.