Where to find cost-savings in your business

At a time where saving money for businesses is crucial, finance teams need to be aware of how costs can be reduced and the implications on the rest of the business.

In this article we explore three ways businesses can save money in 2023.

Outsourcing vs hiring

Even in challenging economic environments businesses still want to utilise the right talent and knowledge to help the business grow and expand their offering. However, the cost of hiring is expensive, not only is there the salary of a new employee but the costs associated with bringing in a new member of staff using a recruitment agency.

One solution to this can be outsourcing the work as and when you need support on certain projects. Using a specialist to bolster part of the team is likely to result in more efficiency as they are only getting paid for the time they work. They may also be able to train members of your existing team in a particular skillset and implement processes meaning another member of staff is no longer required.

More targeted marketing

One way for businesses to save money is to work on developing a more targeted marketing strategy. It is important to test various marketing streams and audiences and understand which are most effective for your business and its particular offering. Once this has been understood the goal should be to refine things further such as the creative, key messages, call to actions etc.

Lots of business dip their toe in social media advertising, organic social, print ads, web banners and email marketing, never truly testing one channel conclusively. Over time this results in more wasted marketing budget. Speak to our marketing team about refine your lead generation processes here.

Fully embrace remote working

One of a business’ main costs is its physical premises or rented office space. In a post covid world, many businesses are operating in a strange area, where the office is never full, staff are coming in 2/3 times per week, but the business still needs an impressive physical space.

Now may be the time to downsize your office. Staff who are working remotely are often more productive at home and the cost saving can be substantial and perhaps mean the new, smaller office can be in a more impressive location, still maintaining that wow factor should potential clients or partners pay you a visit.