Running a successful business comes with a lot of small and potentially unexpected costs that can add up and lead to financial hardship. XO Accounting, a Xero accountant Melbourne businesses reveals its best practical advice for curtailing overhead costs without having to compromise on quality or efficiency within the business.
XO Accounting reports the COVID-19 pandemic created a major shift in the way professionals work. Most office workers have adjusted to a new normal of working from home, either part time or full time. XO Accounting suggests businesses encourage employees to continue to work from home if they are not needed in the office. Allowing certain roles to operate on an ongoing remote work setup can cut down on office-related costs and may even allow businesses to move to a smaller, less expensive office.
Going digital, explains XO Accounting, can also mean automating certain tasks that may be undertaken by an administrative assistant: scheduling appointments, invoicing, and following up with customers and clients are all examples of operations that do not require a paid employee.
Regularly reviewing all business operations is a must – however, if a business owner is looking to cut expenses, XO Accounting recommends evaluating the marketing strategy.
Figure out how the strategy can be stripped back to remain effective while minimizing costs. Business owners are urged to use the help of a marketing agency or professional.
Above all, XO Accounting suggests hiring a financial planning expert to act as a second set of eyes on all budgeting tasks. Even the most experienced business owner is prone to making mistakes from time to time.