As a business owner, increasing your profitability quickly and efficiently is an ongoing goal for your company. In order to make sure your company is long-lasting and stable, you must always be on the lookout for ways to increase your profit.
It’s easy to focus on the big picture of your company’s future, ignoring the smaller details. While no one wants to be a micro-manager, there are some immediate changes you can make to your company that will increase profitability.
Profit Tip #1: Cost Control
Aman Mann, the CEO and co-founder of Procurify says, “Controlling costs is more important than increasing revenues.” According to Mann, reducing your company’s operating costs by 5 percent can offer the same impact as would a 30 percent increase in sales.
In other words? It’s time to evaluate your business spending. For instance, look at the office supplies you purchase. Are they are being purchased at a premium price? The amount you’re paying for something as simple as office supplies can have a significant impact on your bottom line. Say you need pens; bulk buying is a source of savings if you’ve got the space to store the extra. You’ll pay a better price per pen for a box of 500 rather than a box of 100.
Profit Tip #2: Use Technology, Not Travel
Just because your client is on the West coast while your business is on the East coast doesn’t mean that your travel budget will skyrocket. Nowadays, there are many different types of virtual meeting software available for corporate use, regardless of your company’s size.
While face to face meetings are nice, they aren’t strictly necessary. Consider the many costs related to travel.There’s the cost of the flight, not to mention rental car fees, hotel fees, and per diem allowance, which is typically offered to employees when they travel for work. Instead, create a (frequently free) account with one of the many available virtual meeting software on the market and conduct business virtually. You’ll save a bundle and you’ll be available to chat with clients and remote workers alike at a moment’s notice.
Profit Tip #3: Coworking Spaces
Do you really need to rent office space for your company? This is a question entrepreneur ask themselves before they launch their businesses, but it should also be a question that established business owners consider.
Say you’re branching out into a new market; you’ve hired a few new employees to handle business there, but do you need to add to your overhead with another office? Or, you’ve noticed that more and more of your current employees have expressed interest in telecommuting. Imagine the savings if you didn’t have to pay rent on your office anymore.
An excellent way to keep your overhead expenses down is to consider a shared workspace. Whether you are just starting out, expanding your business, or reducing your overhead, the benefits of utilizing a coworking office space are plentiful.
For one, you’ll pay one reasonable monthly fee for many of your base expenses: internet service, electric and gas, office equipment, cleaning services, office furniture, etc. You won’t be paying to heat or cool that big, drafty meeting room that goes unused, and you won’t have to replace the desk chairs as they start to wear out. They’ll be someone else’s problem!
A coworking space will also give you the benefit of networking with other businesses. Do you feel like you’re stuck in a rut? Wouldn’t it be nice to run some ideas by another business person, and make new connections to grow your business? Then you should check out coworking spaces in California. Working closely with other professionals will give you the opportunity to expand your business in new and exciting ways.
Victory Workspace, a premier coworking, and shared office space service, now has locations in Danville, and Walnut Creek, California. Our state-of-the-art coworking spaces offer your business an open concept for your workspace.
Our monthly memberships provide you with standard office amenities that include:
- high-speed wifi access
- color laser print/copy/scan access
- networking opportunities with other businesses and entrepreneurs
- a business address
- a receptionist to direct phone calls
- professional meeting rooms that can be prebooked for your company
Your company can choose different membership levels, giving you access to different kinds of workspaces, tailored to your company’s needs. Or, maybe you find yourself asking, “what about a virtual office” or “what is a virtual office?” A virtual office can offer you all of the benefits of a traditional office at a fraction of the cost. Things such as a business address, voice mailbox, meeting and event rooms, reception service and more!
Contact our team today to see how we can help your business increase profitability with our shared office spaces!
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