3 Things You Might Be Paying Too Much For

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Photo by Philip Veater on Unsplash

When you oversee running a small business, you have more on your plate than simply managing employees and making sure core tasks are done on time. The person at the helm is typically the same person responsible for the day-to-day administrative tasks necessary to run an office as well.

These tasks can include overseeing your company’s finances and deciding which utility companies are the best choices for your office space. Most importantly, saving money tends to be the top priority for this individual. If you are the person in charge of all these tasks and more, you might not realize that you could be paying more than you must for these three things.

1. Contracts with Utility Companies

Things like energy, water, and sometimes gas are necessary utilities for running an office. Internet and telephones are also high on the list of required services that you likely already have contracts for with various companies.

If you or another person negotiated these contracts for your business, then you might not be enjoying the best deals possible. Consider going over your contracts again to see exactly what you are paying and where you might be able to pay less. Or, better still, there are companies, like Utility Bidder for example, that are set up and designed to do just that on your behalf.

2. Unnecessarily Large Office Space

The terms of your office’s leasing agreement are based on many things, but generally speaking, the amount that you pay in rent each month is calculated based on the amount of square footage in the space. Keeping that in mind, it might be worth re-evaluating just how much office space you need.

How many employees do you currently have working full-time in your offices? Do all those employees require their own private office, or is sharing an office a viable option? Have you considered using hot-desking for at least some of your space? Perhaps some employees can even work remotely. If you can cut back even slightly on the size of your office, you could end up saving your company more money in the long run.

3. Marketing and Advertising

In the past, companies would typically spend a sizeable amount of money on marketing and advertising initiatives and campaigns. Things have changed in this regard, however, and more and more businesses are cutting back on the amount of money invested in marketing.

One practice that is used to save money in these areas is social media marketing. By switching over to social media, you could expand your reach to more clients worldwide. This also carries the bonus of helping to boost your PR, as you will be able to respond directly to any complaints that might come your way.

Furthermore, it might be worth spending a little more upfront on hiring a marketing company. Typically, these companies know how to design cost-effective marketing campaigns for your business that could be cheaper to run with no cost of time to yourself.

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