3 Innovative Ways to Reduce Business Overheads in Today’s Post-Brexit Economy

18/07/2016 Image
After Brexit the economy is in turmoil, there is no doubt about that. As the UK faces what could be a lengthy exit process and an uncertain future trading with the remaining EU countries, business owners are scrambling to cut expenditures whilst facing that great unknown that lies ahead. Many owners and directors are looking for innovative ways to cut costs whilst offering the same level of service that has kept them in business all along.
Whether you are looking for ways to reduce overheads in response to Brexit or are simply looking to increase profitability going forward there are things you can do to save a significant amount of money for your business.

1. Smaller Premises – Shared Office Space

Some businesses have found that they really don’t need all the space they have been renting over the years. Typically, as a new business it was a learning process and the owner and/or director leased space based on what they projected would be needed for day to day operations. There are a number of shared office spaces you could lease in exclusive areas of Cambridgeshire, for example, that would provide exactly the amount of space you need for your staff. These shared office spaces are also flexible in that you can add or take away office space as needed based on current staffing. For the equipment and inventory you kept on premises, why not consider business self storage where you can keep everything you don’t need to access daily?

2. Flexible Working Conditions for Staff

Another way to reduce the amount of space you need to rent is to offer your staff, wherever possible, the flexibility to work from home a good portion of the week. Not only does this cut the cost for you in terms of leasing office space but it also offers incentive to workers who need that flexibility in order to work a full-time position. This is great for mothers with children in the home and those who carry a second job to make ends meet. Flexible working arrangements are even supported by the government, and the government website has an entire webpage detailing the benefits to both staff and employers.

3. Cloud Computing

Looking to rid yourself of the expense of operating a mainframe computer system? Working in the Cloud is the answer to your proverbial prayers. Since all software runs on a server located off premises somewhere in the UK, you don’t need to pay the high cost of maintenance, electricity and of course, the cost of the computer system itself. Many companies are turning to the Cloud and away from resource-hogging mainframes. Not only can you do away with the costs involved in the system itself, but think of the space saving benefit as well.
These are just 3 of the innovative ways you can reduce business overheads in today’s uncertain, post-Brexit economy. There are so many more ways to cut back on expenses in order to increase profitability but these are three effective ways to begin saving right away. Looking to weather the storm until the post-Brexit dust has settled? It’s time to look at reducing overheads. Accomplish that and you’ll be just fine.

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