There’s no getting around the fact that running a business can be expensive. You do have to spend money to make money, as they say. But sometimes it can feel as if the costs are beginning to spiral a little out of control. Your incomings might look healthy, but if your outgoings are beginning to feel excessive, then it’s understandable that you’d feel under the strain.

There’s nothing that’ll induce panic and anxiety in a business owner like money concerns! It’s true, however, that some financial concerns are of the company’s own making because they spend more than they should. In this blog, we’re going to take a look at a few areas where you may be overspending.

Office Space

We tend to think that office space is essential for a business, but this isn’t necessarily true. While having your own office can be beneficial in that it can increase productivity and solidify branding, it can be treated somewhat like a luxury. It’s nice if you can have it, but hardly essential. And this is for one simple reason: offices can be expensive! If it’s eating into your budget too much, then look at changing. Remote working could be a cheaper option, as could joining a coworking space.

Hiring Staff

You won’t be able to do everything all on your own, it’s true. When you need the skills and energy of other people, then you’ll have to find space in your budget to pay for them. But here’s the thing: how much you spend can fluctuate wildly. You could spend a ton of cash by hiring an employee for every task, but you don’t need to. Instead, make the most of outsourcing — you’ll be able to get expert help for a fraction of the cost. This is especially useful in the early days, when you don’t have much need for a full-time employee, but still require help.

Taxes

You will know, of course, that you have to pay taxes — indeed, it’ll often feel like you’re all you’re doing is paying taxes. But did you know that you could be paying more than you have to? Depending on what your business is, you could be eligible for tax credits. For example, if you’re involved in innovation, then you can help with your r&d tax credits with Tri-Merit. You’re going to spend enough money on taxes, so it makes no sense to overpay!

Infrastructure

It takes a lot of energy to power your business. If you’re going to work as well as possible, then you’ll need to have computers, printers, internet connection, and so on. However, if you’re just paying the first price that you pay for these things, then you’ll almost certainly be overpaying. For things like your internet and phone connections, shop around instead, and find the best deal. For your tech (like your laptops, printers, and phones), it’s best to buy refurbished products — they’ll feel as good as new, but will be much cheaper than buying brand new.