5 Ways To Reduce Your Business Overhead

If you own a business, then you know that generating profits often requires limiting the amount of overhead you spend. Every business spends money on overhead because it's necessary in order to function. However, finding ways to reduce the amount will save you thousands of dollars every year and allow your business to grow without drowning in debt. New technology, software and other means can allow you to reduce your overall expenditures without sacrificing quality or quantity. How do you implement changes to ensure that your business runs smoothly and cost-efficiently? The following offers five ways to reduce your business overhead.

1. Go mobile.

Most people have smartphones these days, and with the increasing use of smartphones versus traditional computers, it's important for your business to have a mobile site. How will this reduce your overhead? Having a mobile site will drive traffic, which will pay for the small investment into making your company tech-savvy. Not only will it increase traffic, but it will allow you to distribute advertisements for much less cost. You can send texts, email updates and more instead of using traditional mailers and physical media.

2. Utilize virtual assistants.

One of the best ways to reduce overhead is to reduce the amount of people on staff, especially administrative assistants. Instead of hiring people to sit in an office, hire people around the world through certified, legitimate companies offering virtual assistants. VAs have the skills and training of in-person assistants at a fraction of the cost. You'll be able to get the same or more amount of work done without needing to pay for office upkeep. Many virtual office services can provide you with virtual assistants, executive suites for meetings, a physical address for your business mail, and a wealth of other services.

3. Invest in project management software.

At first, the cost of project management software might deter you from investing in it. Most programs cost hundreds of dollars to set up. However, once you've paid for the initial cost of the software, you never have to pay again, unless you subscribe to an online service which has low monthly fees. Project management software will keep you and your employees on task, no matter what you're working on or who's involved. You can create projects, keep track of expenditures and monitor everyone's progress within the same system, which saves you time and overhead in the long run.

4. Think small.

"Think small" might sound wrong, but in reality, thinking small means thinking in terms of the space you really need versus the space you think you need. If you hire virtual assistants to get admin work done, then you don't need a lot of office space. Take a good look at the work you're doing and decide just how much room you really need. With virtual programs helping you get everything done and the Internet at your fingertips, there's really no need for large office spaces. Reducing your physical space will save you thousands per year.

5. Take advantage of social media.

Marketing on social media offers many benefits, from increasing your business traffic to limiting the amount you spend on advertising costs. One of the biggest sources of overhead comes from marketing. With social media sites like Facebook and Twitter, you can market to millions of people worldwide for practically nothing compared to traditional means.