{"id":7630,"date":"2022-04-19T09:20:23","date_gmt":"2022-04-19T01:20:23","guid":{"rendered":"https:\/\/zegal.com\/?p=7630"},"modified":"2024-01-30T20:28:46","modified_gmt":"2024-01-30T12:28:46","slug":"6-simple-ways-cut-business-costs","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-gb\/blog\/post\/6-simple-ways-cut-business-costs\/","title":{"rendered":"6 Efficiency Tips for E-Commerce Businesses"},"content":{"rendered":"\n

Running an e-commerce business is no easy feat. Without the economies of scale from which large corporations can benefit, smaller businesses can sometimes end up spending more on a whole host of things, including business travel<\/a>, employee turnover<\/a>, insurance and professional services. Here, we share with you 6 quick tips for keeping your operations lean and managing business costs.<\/p>\n\n\n\n

<\/span>1. Share office space<\/span><\/h2>\n\n\n\n

Property is expensive and rental costs can take up a significant portion of your expenditure. If you\u2019re a small business owner with a lean team, consider ditching your office space and working from a co-working space such as The Hub and The Working Capitol<\/a> in Singapore, or Paperclip in Hong Kong. These arrangements often include office equipment, Internet access and meeting spaces. Prices typically vary depending on whether you choose a hotdesk, a dedicated desk or an office room, so you get to choose an arrangement that fits your needs. Beyond saving on rental and utility costs, you also earn yourself a community of entrepreneurs from whom you can exchange insights when your business is stuck in a rut.<\/p>\n\n\n

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\"paperclip\"<\/figure>\n<\/div>\n\n\n

Source: Paperclip<\/strong><\/p>\n\n\n\n

However, there might be crucial reasons why your business needs to operate from its own office space, such as the need to maintain confidentiality of certain information. If your square area is bigger than what you need, consider renting out excess office space to non-competing businesses! This is a practical way to minimise costs while maximising access to office facilities. Be sure to have in place a Co-working Space Application Form and Terms of Use<\/a> to align both parties\u2019 expectations in terms of what facilities the user can access, the monthly charge for rent, and the date for rent payment.<\/p>\n\n\n\n

<\/span>2. Tap on the power of pooling<\/span><\/h2>\n\n\n\n

Given that large companies often save costs because of economies of scale, why not try to reap the same benefit as a small business? Reach out to other businesses in your industry that purchase from the same suppliers as you do. Based on your combined purchasing power, decide on the amount of savings you want \u2013 say, a 25 percent cut. Then, reach out to suppliers and let them know that you are collectively going to buy from the one vendor that offers the best price. To make it a sweeter deal for the supplier, you could work out an arrangement where you work exclusively with them for a sustained period of time. Purchasing in bigger quantities ups your bargaining power, and suppliers will be more inclined to give you discounts!<\/p>\n\n\n\n

<\/span>3. Encourage efficient use of time<\/span><\/h2>\n\n\n\n

In the business world, time is money. Top time-wasters<\/a> that threaten your employees\u2019 productivity include unnecessary or inefficient meetings, social media sites,  regular personal business, and excessive or prolonged breaks. By having your employees work in a more focused and efficient manner, you can improve your time on target. Here are some quick tips for helping everyone stay focused during working hours:<\/p>\n\n\n\n