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How Can Your Business Cut Costs?

By September 28, 2017October 2nd, 2017Blogs

Every business is seeking the best methods to cut costs and improve their profit margins, but isn’t always as easy as it seems. Having assistance to manage your business effectively and find the best tools to lower your costs could make your business a lot more successful!

Coleman & Co not only manage your finances and cash flow, we also provide advice and extensive reports to help you find the strengths and weaknesses of your business. We will always look for solutions to large costs and small profits.

Budgeting & Forecasting

Budgeting and forecasting is the first step that you can take to try and lower the expenses within your business. Budgeting is the obvious method for every business who is overspending and not making their desired profit, but it is much easier said than done. Making sure you budget your business in the right areas and do not limit spending too much can be a difficult balance to find.

Forecasting how much you are likely to spend and how much you need to make a profit allows you to limit your spending for that period. This way your business will never spend more than expected and profits will rise. You can create your budget based around your expected turnover and this will ensure your profit is made.

Coleman & Co can organise budgeting and forecast reports on a weekly or monthly basis. Your business will become much easier to manage if you are prepared for the future.

Spreading Your Brand

Advertising your business online and throwing all your cash into promoting your company to every possible customer may not be your best option. There are many ways that you can advertise your business effectively, without having to spend loads of money in the process.

This could be through one of your customers. A good review can go a long way and if you have all your customers helping you out, more people may notice your business. That doesn’t mean you can’t invest money into advertising, but again it must be budgeted correctly to ensure you do not overspend.

Minimise Your Taxes

Nobody likes a big tax bill, but this will only get bigger if you fail to fill in tax forms and your payments to the HMRC correctly. Tax payments can be a big issue for every business, if you happen to make a mistake, even if it just a small error, it means more work for your business and potential penalties that will cost you even more money.

The best way to make sure this doesn’t happen, could be to outsource your tax forms to professionals (such as Coleman & Co!). Our team use the correct systems and will always file your tax returns both on time and completely accurately. That means there is never a risk of an error and you will never overpay when filing taxes.

Organising Your Payroll

Having a well-established payroll routine as well as paying your staff the correct amount of money is essential for every business. This makes sure payments go out at the correct time and that you know how much of your budget you will have left once staff payments have gone out. You can also monitor the work that your staff complete and organise payroll so everyone is paid the fair and correct amount.

In addition to this, staff who know when they are being paid and what they are getting will always respond better to those that don’t. Organised payroll means that your business productivity will increase, as well as staying in control of your staff budget, you will also be increasing profit through your workplace productivity.

Contact Us

For more information on how your business can lower your costs, get in touch with Coleman & Co today. We can manage the finances of your business and offer advice to every company and industry to make your business a success. Call us now on 028 9266 3599.

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