Whether you’re launching a new start-up or running a growing enterprise, you’ll want to keep your running costs as low as possible. By doing so, you can ensure that a greater percentage of your turnover equates to profits. Business owners often assume that their operating costs are already as low as they can be, but you’ll be surprised at how much you could be saving. To learn more, take a look at these five running costs you can reduce right now:

1. Hire Freelancers and Subcontractors

For any business, the wage bill is typically one of the biggest running costs. Hiring a full team of employees can cost your business hundreds of thousands of pounds a year, but you could be spending more than you need to.

Hiring a skeleton staff of employees and supplementing your resources with freelancers and subcontractors could be a savvy way to reduce your costs. You can still access the professional expertise you need, but you won’t need to hire people on a full-time basis when you only need their assistance sporadically.

2. Slash Water Bills

You’ll need to access water, regardless of what type of business you run, so you won’t be able to eradicate your water bills entirely. However, you can significantly reduce your quarterly bills by getting the best deals on business water prices using comparison sites like Utility Bidder. With plenty of competition out there, switching to a new deal or a new company could be a stress-free way to cut your running costs.

3. Switch to Energy Efficient Equipment

Depending on the nature of your business, you might use industry-specific equipment, or you may simply operate using standard equipment, like computers and printers. By choosing energy-efficient devices, however, you can drastically reduce their power consumption and, therefore, reduce your overheads. By investing in energy efficient equipment now, you can save a considerable amount in the months and years to come.

4. Use a Remote Workforce

When your staff are working remotely, you don’t need a physical office or workspace for them to operate from. By making all or some of your staff homebased, you can operate from smaller premises and slash your overheads in half. If you’re currently paying a large amount for a lease on a commercial building, why not embrace the benefits of remote working and let your business reap the rewards?

5. Install a VoIP System

By making it easy for your staff to communicate without having to fund commercial phone contracts, you can make great savings. VoIP phone systems are becoming increasingly popular with businesses because they’re a reliable and low-cost alternative to traditional telephony systems. With options for businesses of all sizes, there’s no limit to how much you can save.

Keep Operating Costs to a Minimum

Now that you’ve made a start on reducing your running costs, don’t stop there! By regularly monitoring your operating costs and consistently looking for lower cost alternatives, you can keep your outgoings to a minimum and use your increased profitability to grow your business.