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  • Writer's pictureJoanna Trew

3 Tools to Effectively Reduce Costs in Your Business

Updated: Mar 17, 2023

How often do we look at our costs and think nothing else can go? We have a look at what we spend, and don't want to get rid of a service or certain products we are actually using.

What if there is another way to save a bit of your hard earned money without having to give up the things you need?

Have a look below at these 3 tools and see what you can start doing today to save a bit and prepare your business for any future tough times with forethought and some planning.

1. Cut what you don't use

Seems logical, but we often get busy, and forget to review our loyalties and memberships. We stay with companies for years, instead of the few months we used them.

We stay loyal, and convinced we need them, so we leave it as a standing payment and convince ourselves we will use it again.

The truth is we don't.

You can almost always come back to that platform, service, product when you actually need it. Cancel it today, and face the fact that there may be others you are currently not using either.

In the meantime, a few of them, will free you up to spend the money elsewhere or to invest it in more savings.

2. Look at your utilities

When was the last time you had a new quote? It doesn't cost you anything and could save a substantial amount if you can get your business on a better electricity, water or telecommunications rate.

I spoke to some very knowledgeable brokers lately, so when you're ready to have a look at your options, contact me for their details and see what you can save.

3. Look at efficiency and invest in small steps forward

It is a long term plan to get a new heating or an electrical vehicle charging point for your premises. It doesn't have to be a big investment, but a small purchase of a heater or installation of a charging point helps you stay on top of changes in technology and also lowers your bills.

This at the same time will help you with your green policies and your CSR, improving the image of your business, and contributing to reducing your businesses carbon footprint.

I know a fantastic electrician if you would like a recommendation.

Bonus tool: Speak to a coach

You get a free session, a new perspective, some fresh ideas, and a sounding board to get out of your own head. I recommend me of course and you can book a chat with me here, but if you already have a coach then definitely discuss costs, and preparation of your business for tougher times in future.

You still need to be satisfied with what you do, so remember to try and keep it simple, and save where you can without compromising your business mission and the quality of what you deliver to your clients.

There are more articles for you to explore:

And visit my Business Coaching YouTube Channel if you prefer videos,

as long as you take at least ONE ACTION TODAY


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