Five ways to cut your business expenses by up to 70 per cent

With inflation and interest rates continuing to impact the spending habits of Australian consumers, businesses across the country are starting to feel the pinch as shoppers tighten their belts. According to Jenny Folley, founder and CEO of @WORKSPACES, businesses urgently need to take action and understand the importance of paring back operating expenses in preparation for the period ahead.

There are key things businesses can do to easily cut costs and these include moving away from expensive fixed lease sites to flexible office workspaces.

Flexible work hubs like the type delivered by @WORKSPACES offer a mix of options for businesses of all sizes including private serviced offices and coworking environments.

The workspaces also include business suite services from desks and WIFI to kitchenettes, meeting and conference rooms, high-level security services and reception and postal services to end of trip facilities, cafeterias and boardrooms.

In a highly volatile economic situation, business owners need to be creative and flexible in their thinking. What may have worked well in the past, may not work well now. COVID changed the way we approach many things. Why not embrace the flexibility that we gained during COVID and apply it to the problems we are facing right now in today’s economy and cut your business expenses by up to 70 percent applying simple cost cutting measures.

Move into a serviced office in a flexible workspace

One of the greatest lessons COVID taught us was how to work flexibly and remotely. We no longer need to rack up business expenses with large office spaces because we now have an entire cohort of workers who are experts in working with flexible arrangements.

Fixed lease sites are expensive to run and it’s difficult to achieve efficiencies due to the running costs, idle floor space and the expense and maintenance of fitouts.

Flexible work hubs like @WORKSPACES are the ideal way to run your business because you only need to rent the office space that you actually use and you have the flexibility to scale up or down as necessary.  Operating out of a flexible workspace hub delivers significant cost savings and you still get everything you need like kitchens, printing, WIFI, security and meeting rooms, board rooms, reception areas and more.

The cost of set up is virtually nil and flexible office space comes with desks, chairs and other facilities. Board rooms and meeting rooms can easily be booked when needed and shared serviced kitchen and reception areas make operating an office hassle-free. You can literally walk in and start working straight away.

Outsource services that are not a core part of your business, so that you can focus on high value work. Many facets of your business do not have to be done in-house and can be outsourced for a much cheaper price on demand when they are needed.

Accounting, administration and social media are just some of the aspects of your business that can be outsourced with minimal impact to the daily operations of your business. It’s amazing to think that you can even engage CFOs on an on-demand basis.

Now that Zoom conferences have become second nature to all of us, simply cut out unnecessary travel costs and host virtual meetings. Particularly if you are cutting down on international travel, there’s also the added benefit of increasing accessibility for all employees in different locations to become engaged; not to mention that cutting back on travel is better for the environment.

You can read the full article as originally published on the First 5000 website