YOUR BUSINESS SPRING 2019 - 231

Cost-cutting

O

ne thing everyone
who starts a business
finds out early on is
that you need to be
laser-focused when
it comes to what you
spend your money on. If you spend
too much money, splash out on the
wrong things, or simply throw cash at
every problem that arises, you'll soon
be in trouble. It's absolutely essential
to pinpoint what's, well, essential.
So concentrate on the things that
are important and don't waste your
resources on incidentals: not only
will it help your company get off the
ground, but it'll also stand you in
good stead as your company grows.
So how do you sort the indispensable
from the immaterial? Follow our guide
below and you'll soon be enjoying
those sweet, sweet cash savings.

The right staff

Before you start recruiting for your
business, take some time and think
carefully about the staff you'll need for
a successful launch. Do you really need
to hire an accountant from the off? Or
will it make more financial sense to
invest in a bookkeeping package and
hire an accountant to submit end-ofyear accounts instead? Do you need to
employ someone to answer the phone,
or would outsourcing to an answering
service be more cost-effective?
Regularly review your human
resources requirements once you're
up and running too, to ensure you're
getting the most from your staff
without overloading them. Similarly,
when someone leaves, consider
whether it's essential to replace them
like for like. Think about whether it
would be viable to redistribute their
responsibilities among other members
and/or outsource their duties instead.

Premises, premises

Choosing the right premises from the
outset can make or break a fledgling
enterprise. That swanky office in the
prime location may have the wow
factor, but is it really going to attract
enough business to justify the skyhigh rent? And is it really necessary
for your business to pay a premium

for a high-street location or would a
less visible location work just as well?
To ensure you get what you need
without any unnecessary extras,
draw up a list of requirements before
starting your search. Make sure you
take into account the following:
* The size and layout of the premises
you'll need, including any structural
requirements, such as high ceilings
* Facilities and comfort for employees
and visitors, including lighting,
toilets and a kitchen area
* The type of permitted
commercial use required
* Access and parking for
deliveries and/or customers
* Whether you need the flexibility
to alter or expand the premises
When budgeting, it's also important
to keep in mind the following
costs so you aren't faced with any
unexpected extras that could blow
your costings out the water:
* Solicitor and surveyor fees
* Any alterations to meet building,
health and safety and fire regulations
* Fitting out and decorating costs
* Rent, service and utility charges
* Business rates
* Continuing maintenance and repairs
* Building and contents insurance

Bundle of energy

Buying or renting a property that is
energy efficient will help you save on
heating and other energy bills. Sellers

Choosing the
right premises
from the
outset can
make or break
a fledgling
enterprise

Are you
Brexit-ready?

Matt Roper of Buying
Support Agency (BSA)
explains the impact of
Brexit and how companies
like his can help
With Brexit looming, there
are still a huge number
of companies in the UK
that have done little or no
preparation. This is a big risk
as it's imperative that SMEs
prepare for a prolonged
period of uncertainty and
supply chain disruption.
Even if some preparation
has been made, a lack of
internal resource means that
only the most immediate
suppliers are likely to be
included. This may give a
false picture of the total
risks - particularly if UK
or non-EU based suppliers
are being reviewed.
Brexit is only one of
several growing risks where
exposure could bring severe
economic and reputational
damage, however. Other
risks include cyber security,
GDPR, financial risks and
the need for extended
legal compliance around
stricter anti-slavery and
anti-bribery legislation.
In a world of change, the
potential consequences of
inadequate risk management
are severe. Companies such
as Buying Support Agency
can provide independent,
expert resources to provide
detailed risk planning across
the entire supply chain.
For more information,
call 01242 506970 or visit
buyingsupport.co.uk

231
http://buyingsupport.co.uk
YOUR BUSINESS SPRING 2019

Table of Contents for the Digital Edition of YOUR BUSINESS SPRING 2019
