How to ensure that you’re not overspending on business overheads

There are so many different ways that you can ensure you’re not overspending on business overheads. With the recent changes to national minimum wage being introduced by the government it’s now putting more pressure than ever on businesses to look for areas where they can save money.

The hardest part of making sure you’re not overspending on your business overheads is identifying the areas where you can and can’t afford to cut back. Here’s some tips on how you can cut back, without cutting corners:

Work lunches

One of the biggest expenses businesses face is providing employees with work lunches. This is especially relevant to businesses in the catering industry who offer free food to employees on breaks as a perk of the job. To try and cut costs without cutting corners, see how you can adapt this strategy in your workplace without upsetting employees to much. One way you can do this is by selecting the cheapest meals you offer and identify these as the only food available to employees on breaks or, outline certain lengths of shifts where food is available but not on others.

Booking business trips

Business trips can be a huge expense for businesses, especially if you work in an industry which requires a lot of B2B and B2C trips. A lot of the time there are many ways you can cut costs when it comes booking business trips when you know how. Book through a company like Statesman Travel who get businesses the best rates on flights, trains and accommodation. Companies can also do their bit to cut costs by only sending essential employees to meetings so costs are smaller than when sending several employees who might not necessarily need to go in person.

Use freelancers

One of the best ways companies can save money is by using freelancers in certain areas. This means you don’t have to foot the bill of paying another employee but you do have someone to do the work when necessary and don’t have to pay them the same rate as a full time employee. This also means that in times when the company has less work, you don’t have to give the freelancers any work, likewise when you’re swamped with work you can outsource it to freelancers to take the pressure off of the people in-house.

Business overheads are one of the hardest things to keep down, but by following these tips you’ll be able to save money in key areas and make sure you’re not overspending unnecessarily.