With everything that’s going on in the world right now, we can all do with saving some money- especially if you are an SME business owner!
#1 Cut down on unnecessary meetings
How much does a team meeting cost?
Get all the team together for an hour a week. A team of 10 that’s about £175. To put that in perspective - £9,100 a year. Do you get that much value from it? 10 hours of non billable or unproductive time where instead information could be shared in a simple 5 min read email.
Think about it.
Meetings should be for collaboration not delegation.
#2 Spend some time analysing your costs line by line
So simple, yet so effective. Look at every cost – am I getting value for money here? Do I need that software? Is there a cheaper alternative that will perform as I need?
#3 Insurance comparison
I see it year after year, businesses just accept a renewal. They don’t go out and bench it in the market and don’t check that the cover is adequate for them.
Want to save some time and have someone else do all the legwork? The lovely Misty can help you @Misty Taylor
#4 Find smarter, more efficient ways of working
Look at your processes, is work being duplicated? Are there processes that can be cut down or reduced? Are you having reports created with little or no value?
Contact us to help build management reports that help you with your decision making: 01789 773 182
#5 Take back your time
Do you control your emails or do they dictate your schedule?
We recommend the email ninja Udemy course. Our staff completed this a few years ago and the lessons they learnt have stuck with them.
#6 R&D Tax Credits
Improved a process, product or service? For your own business or for a client? Contact us to get your R&D tax credits claim in. You can either reduce your corporation tax or if you haven’t got any corporation tax to pay - get a tax credit in the bank! The scope for R&D is huge so please get in contact to discuss if you’re eligible. E-mail to: [email protected]
#7 Upskill your staff
Now you might be thinking, isn’t that more cost? Well the cost of losing a great member of staff is far harder. Recruitment is an expensive process. Losing an experienced member of the team is expensive, so much lost history and knowledge of the business out the window. Staff retention is important to every business. Not only does upskilling your staff mean better morale but more efficient processes in the business too!
#8 Automation
Is there a piece of software that can replace something that is being done manually?
Contact us, your finance system experts to analyse your current processes – we have a track record of being able to reduce resource needs by implementing timesaving processes
#9 Compare your accountant costs!
Perhaps the most important on our list – are you getting value for money from your accountant? Book yourself in for a FREE QUOTE https://calendly.com/chadwickaccounts/iaq
#10 Check your subscription services
If we had a pound for every subscription that a client pays that they no longer use, I’d have a Porsche by now.
#11 Utilise Free Services
Lots of insurances come with free legal advice, HR and/or employment helplines. These should be your first port of call before engaging solicitors. Our fee protection insurance comes with all of these as standard, along with access to a law hub with tons of useful templates. Contact us for a quote – covering sole traders for just £50 a year.
#12 Time your capital purchases
Planning on a big purchase? Thinking of waiting till your next financial year? If you can afford to, get it in your current financial year. You’ll benefit from the corporation tax deduction sooner.
Switch to Chadwick’s for proactive advice, ensuring you only pay as much tax as you have to.
Book a 15-min meeting here: https://calendly.com/chadwickaccounts/iaq
#13 Make the most of super deductions
Expires on 31st March 2023 – so if you’ve been thinking about buying that new laptop, desk or piece of machinery, make sure you purchase it before 31st March 2023 to get 25p off your corporation tax bill for every £1 spent.
#14 Cost analysis of products and services
What’s making money?
More importantly, what’s not?
Put your prices up and/or eliminate unprofitable ventures
A worthwhile exercise to keep business profitable
#15 Make a budget- and stick to it!
Never under-estimate the power of a budget – clients with budgets are in control of their finances, and therefore more profitable. It works well with sales too, having a target to aim for, knowing your break-even point- all these things give you the knowledge of where you want to go and how to get there. Book a budgeting session with us today, for simple businesses they can take less than half an hour to get the outline. We can set up the budget in your finance system to pull reports as and when you need to compare to your budget. They make a great addition to a management pack too!
Chadwick Accountants – in Business, FOR BUSINESS. We’re here to support you with our proactive approach.
Not a client yet? Book a 15-min meeting here and see what we can offer you: https://calendly.com/chadwickaccounts/iaq
