Money saved is money earned. Any business can maximize its revenue in two ways. First by increasing revenue from profits, and second by reducing unnecessary expenses. Increasing profits requires several steps of planning and implementing, but reducing business expenses is something that can be done smartly and effectively. In today’s economy when every penny is valuable, saving even the smallest amount can impact your organization’s profitability. 

From outsourcing bookkeeping tasks to professional chartered accountants in Dubai to modernizing your marketing effort, every step can help you reduce expenditure and save costs. Reducing your company’s expenses does not always involve a lot of time and effort. The key to success lies in making clever and better decisions, but the big question is how do you implement these changes? Let’s look at 5 productive ways you can use to cut down on your expenses and increase your existing funds. 

1. Use the Freelance Workforce

One of the best ways to cut back on expenses is by using a temporary team or hiring freelancers. With a freelance team, you can avoid paying overhead expenses like training, vacations, sick leaves, and so on. You will always have access to a flexible team, and you can pay them on a per-project basis. Leveraging a temporary team will significantly reduce your operating cost and improve the overall performance indicator. 

A freelance team will allow you to focus on more crucial tasks, and your day-to-day operations can be managed by professional experts. You can hire virtual assistants to handle your social media and outsource your accounting operations to professional chartered accountants in Dubai. In this way, you can get your work done by experts without hiring them on a full-time basis. 

Use the Freelance Workforce

2. Keep A Virtual Office 

If your business can operate remotely, and most of your team already works from home then there is no point in paying hefty amounts of rent to get an office space. The important business meetings can be organized in conference halls and co-working spaces. Going virtual will allow you to save a lot of money on rent, utility bills and other overheads.

However, if you still want to earn professional credits, most virtual offices can offer you temporary printing solutions at affordable rates. You can get a corporate mailing address, VoIP phones which offer a personal message voice box, and you can also get a dedicated front desk agent to handle your calls to build a rapport similar to a regular office. The team can work from their homes, and you can enlist the help of outsourced chartered accountants in Dubai to handle your accounts.

3. Modernize Your Marketing Efforts 

Just to be clear, we are not telling you to get rid of paid advertising if it is working for your business. However, you can take a look at some affordable options to streamline your marketing budget. A couple of ideas that can maximize marketing efforts include:

  • Building a customer email list and implementing a referral program that appeals to more customers. If a customer refers to your brand or services, then the chances of a sale are much higher compared to the traditional marketing effort. 
  • Also, brands can benefit from effort networking. Thus, if you alter your budget and focus on networking, clients will be more likely to recognize your brand and choose your services. 
  • Replace your traditional marketing channels with more modern strategies and channels like social media. This will give you more exposure and result in better sales.  

4. Convert Phones To A Cloud-Based System

This tip is primarily for businesses with small teams. The cost of a  desk phone can be significantly reduced by switching to a cloud-based system that can route calls through mobile phones. You should assess your current phone usage, and if it is minimal then switching to a cloud-based option will be much more beneficial.

Customers prefer to interact using mediums like live chat, web-format and social media. Thus by switching to a cloud-based system, you can reduce your expense without compromising on your customer interaction.  

5. Audit Your Subscription Billing Every Month

Businesses often subscribe to many SaaS software applications, which never get used again. Maybe you simply signed up for a free trial, but the account is being renewed every month. This can add to your expense every month, and a small amount may go undetected for a long time increasing your overall monthly expenditure. 

Hence, it is a good idea to audit your subscriptions every month to ensure you are only paying for the ones which are actively used. Doing this will allow you to cancel any subscription that is no longer required. You can ask professional chartered accountants in Dubai to audit your bank statements, and spot any unnecessary subscriptions and cancel them on time. This may seem like a small step, but it can save you a lot of money annually. 

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