How small firms can ease the cost burden of higher employment
In the shadow of the highest UK employment levels since records began lies an uncomfortable truth – small businesses are paying the price for their contribution to making it happen. So how can they fight back? Solo Expenses has the answer with an effective business expense management tool.
Employment levels in the UK are as high as they’ve been since records began. Hooray! But business costs are rising steadily too… Boo!
Introduction of the living wage, new minimum wage levels, and predicted rises in business rates all put the squeeze on small firms – which make up more than 99% of businesses in the country.
The pressure is shown in a reduction in the number of people in self-employment, which is down by 30,000, according to the stats.
So what’s to be done? Small firms need to take a simple step: separate costs they can’t control from the ones they can, and seek out any available savings.
But that can’t be done effectively without a comprehensive understanding of the controllable costs making up the second list. That’s where the Solo Expenses expense management app comes in, by offering a quick and effective route to recording – and analysing – all aspects of a firm’s spending.
With the help of this small business expenses app not only can time be saved for productive, revenue-generating work, but all the spending can be analysed and interrogated, highlighting potential overspends that could be eliminated. Here are some things you might like to consider, which Solo Expenses can tell you about in detail as far as your business is concerned – so long as you’re diligent in recording your spending.
1. Ask yourself about any stock you have on the premises. Do you actually need it, or is simply ‘dead money’ earning nothing and unavailable for paying other bills. Could your supplier work with you on a ‘just in time’ basis?
2. Perhaps a long-term relationship with a particular supplier has meant prices have crept up, and you haven’t really noticed how they’ve squeezed margins. On the other side of the same coin, perhaps you’ve ignored other cost increases that mean you’re still working for a client at the same price point as you were several years ago. In either case you should ask yourself if it’s time to renegotiate.
3. What are you spending on fuel for company vehicles? Are you buying the cheapest, o the most convenient? Solo Expenses will enable you to keep an accurate tally, and consider a more cost-effective purchase arrangement.
Think about your own business spending, and there are bound to be other areas you could highlight that could be made to cost less if you just knew what they were actually costing you. Investing in the Solo Expenses expense management app is the first step; and it’s not expensive – the savings it helps you to make will probably mean it pays for itself remarkably quickly. Search for it today in the app store. We have versions for iOS and Android, and users have given them more than four stars…