5 ways to run a leaner business this new year
The beginning of a new year is a great time to take stock of your business operations. If you’re an SME owner, now’s the time to commit to running a leaner business. Here are our top cost-cutting tips to help you run a tighter ship.
1. Go cashless
More and more SMEs are embracing cashless payments. With the extension of PayNow – a peer to peer fund transfer service – to corporations, businesses can now send and receive money with just an organisation’s unique entity number (UEN). Electronic payment collection systems, such as DBS MAX, allow businesses to avoid the inconvenience and costs associated with the processing and handling of cash and cheques. Opening a business account with DBS will help you take advantage of our electronic payment solutions and more.
Business functions such as accounting, payroll and human resources can be costly and time consuming. If these functions are beginning to be a drain on your company’s resources, consider outsourcing them. By allowing experts to do the job, you’ll avoid penalties associated with non-compliance and get the job done more cost-effectively. Browse a curated selection of service providers at DBS SME Connect Digital Solutions and secure great savings on digital solutions for your business.
3. Go green
OEM will be introduced across Singapore progressively from 1 November 2018 in four stages, as detailed in the table below:Running a greener business won’t just give your business an image boost – it’s also a smart way to save money. For starters, going paperless is a great way to cut printing costs, reduce the need for a large office space and to reduce distribution costs. Other little tweaks around the office – such as plugging your office equipment into a power strip and turning devices off when they aren’t in use – can help lower your energy bill. Or, embrace these innovative Biovessels at the workplace, which allow you to compost food waste while growing some attractive workplace greenery.
4. Grow your brand in a sustainable way
Thanks to digital technology, it is now easier than ever to advertise without breaking the bank. The cost of placing ads in traditional advertising channels can be prohibitive – so consider instead using public relations as a cheaper, more cost-effective form of advertising. Having your brand featured on credible platforms – such as news outlets and other media platforms – can go a long way in helping you build greater brand awareness. When it’s time to expand your operations, take the time to shop around for corporate loans that provide the best rates.
5. Go remote
Telecommuting might be a long shot for many businesses, but it is a great cost-saver where it is possible – especially with the widespread availability of free teleconferencing solutions such as Zoom. Allowing employees to work remotely can help small businesses reduce the need for a physical space – and all the associated costs of running a physical office. If it isn’t possible to allow all your employees to telecommute, take some time to evaluate if at least some of your staff can work remotely.
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