As the New Year approaches, now is a good time to take stock and do a business fiscal check-up.
Here are our top five top tips:
1. Budgeting in Business
Business budgeting is a simple way to control business spending and increase savings. Be realistic about making a budget. Many people are prone to create budgets that are too loose or too tight – financial budgets should be clear and realistic. If you want to have a good shot at hitting your financial goals, then it helps to break the bigger goals down into more manageable bite-sized objectives which you can gradually work through bit by bit, to create better financial habits. A bit like a diet, it is something that will best be achieved if the aim is to weave it into your life as an ongoing concern. That way if you stick to a budget – or a diet – over time you will reap the benefits. It will become the norm and not appear as a budget – or diet – at all!
2. Realistic Financial Goals
The result may be large or small but a financial goal must be realistic. Forecasting is all about looking into the future. It is dependent on a variety of factors, most of which we cannot foresee this year. But, like in every other year, it is a good useful way to gain an overview of where your money is going and where to cut down on any expenses.
3. Reassess your Existing Bills
Think about what your daily, weekly, and monthly business expenses are and reevaluate whether these are necessities or desires. Once you start tracking your bills, it’s only a matter of time until you start to notice all your big money-wasters. So, whip out that money-saving detector, go through all your regular bills and expenses, and save some more money!
4. Change services (if you can!)
Research, research, research! You do not have to stay where you are situated now. You can find cheaper and better services if you take some time to sit down and look. Whether this is changing banks to one with better rates, locating services with lower fees, or even just cancelling unnecessary expenses, this will keep more money in your bank account.
If you are running a business outsourcing is one of the key areas where substantial savings can be made. Any service that offers a pay-as-you-go element or a non-fixed contract can ultimately be used as and when required. With lockdown providing uncertainty as to whether a business can even remain open, you must minimise your fixed costs, where possible.
5. Areas for Outsourcing
Through outsourcing, businesses can save funds with the elimination of expenses from non-core activities. Instant savings can be achieved by removing the fixed cost of an in-house accountant, reception and answering facilities, typing and editing functions. If worked into your budget you may find costs as high as 30% versus previous in-house fixed costs. In addition to the uncertainty of the current year, it is essential to be able to be flexible, to be able to meet both high and low demands without paying for static time during the period.
Don’t wait – start your financial check-up right now and as per the Scouts’ motto: Be Prepared!
About OutSec
OutSec is the UK’s leading online transcription company whose business has grown substantially since 2002. We are one of the most successful transcription companies in the United Kingdom.
OutSec provides secure outsourced transcription services to the medical, legal, property and surveying, universities, media and interviews, advisory boards, conferences & seminars, inventories, financial, corporate, HR, recruitment and Executive Search sectors.
Why is Dictation More Efficient than Typing?
Well, the simple fact is that we can all speak considerably faster than we can physically type:
“The average person types between 38 and 40 words per minute”.
A “good rate of speech ranges between 140 -160 words per minute.”
In other words, dictation is up to four times faster than we can type. Therefore, simply dictating a document is more cost-efficient, giving you more time to dedicate your efforts elsewhere in your business.
Therefore why not add OutSec as a business continuity option for your business? Accounts are free, you pay on a per-minute basis (rounded to the nearest minute) on a pay-as-you-go basis, with no contracts or minimum spend. What do you have to lose? Why not open an account today!
