Accounting , CFO cum Business Advisory

Want to cut 20% of your business expenses?

Share:
  • whatsap

Looking to save big on your business expenses? Here are some effective strategies:


1. Convert Fixed Expenses to Variable Expenses:


     Outsource non-core functions like Accounting, Payroll, and Cashiering to external professionals.


2. Hold Off All Discretionary Spendings:


     Temporarily pause spending on travel, hotels, entertainment, staff welfare, and general brand marketing.


3. Adopt a Flexible Workspace:


     Convert office space to a work desk concept where staff can work from home on a rotation basis, reducing fixed rental costs.


4. Renegotiate with Your Vendors:


     Negotiate for lower material costs, platform fees, freight costs, etc., by locking in longer-term contracts.


5. Consignment Basis with Product Vendors:


     Renegotiate with product vendors to move to a consignment basis, reducing upfront costs.


6. Eliminate Unnecessary Features:


     Cut out unnecessary product features and after-sale services to streamline operations.


7. Reduce Stock Keeping Units:


     Keep stock for only fast-moving items to optimize inventory management.


Implement these strategies to significantly reduce your business expenses and improve your bottom line!


👉 For more personalized advice on cost-cutting strategies, visit our website at corporatebackoffice.com.sg, email us at [email protected], or WhatsApp us at +65 90880669.

Written by Kelvin Loh