Ways a Small Business Can Cut Costs
Businesses are all about profit and if yours is a fast growing enterprise you could be dealing with a common problem: How to manage your growing inventory and cut costs. A significant challenge that affects most start-ups in Singapore is managing high expenses.
You can reduce costs by increasing operational efficiency. That means making the most of the resources you already have such as your premises and use of modern technology.
Cost-effective solutions such as self storage and workspace in Singapore are quickly taking root in the business community, especially with the SME’s. Below are creative ways your small business can cut costs:
Start with your office
Regardless of the type of business you run, you can reduce costs on office space requirements by examining the current use of physical space, adapting modern technology and doing away with unimportant storage. If you have to hold on to some of the “unimportant storage,” the cheapest self storage in Singapore provides an excellent solution. At Work+Store, storage spaces come in a range of sizes from 6 sqft to 625 sqft and are secured with a 24 hours access card security system. If you have old documents that are unused but cannot be discarded or equipment that you only use occasionally, a self storage unit is a great option for you to store them away and create more space in your office for other purposes.
An even better solution to help your business cut cost is to get a workspace that comes along with storage space. You can eliminate a significant portion of costs associated with paper, equipment or inventory storage by adopting a workspace that comes with storage spaces. At Work+Store, the size of workspaces start from 85sqft and will be secured by a 24-hour key card access system that only you would have. The space comes along with air conditioning, lights and a power point as well. With a workspace that comes with both space to store your goods and to carry out order fulfilment needs, you will be able to cut costs for an external space for your goods alone.
Control location costs
If you are in a rented space and you are looking to cut costs, review your location costs. If you are paying too much for your current location, you may consider exploring your options and relocating to a lower-cost area. Our Work+Store work spaces are located in areas around Singapore including Bartley, Tampines, Upper Thomson, Eunos, Ang Mo Kio, Kallang and Bukit Merah which offers you great options to accommodate your needs.
Pool Resources with Like-Minded Small Businesses
There is strength in numbers, whether you are buying supplies, using equipment, or negotiating for rent. Self-storage in Singapore epitomises this approach. It enables entrepreneurs to share storage space, use common inventory management systems, cut the costs of equipment and minimise space required for their front office operations. Self-storage in Work+Store can also help you manage costs with our all-inclusive rate, where businesses will not have to face unpredictable utilities or facility fees in their use of external storage spaces or workspaces.
Apply for Financial Grants
In Singapore, the growth of start ups and SMEs are heavily supported by many entities through grants. A great way to reduce the costs incurred by your business is to start exploring the various types of grants and subsidies that your company is eligible for. These grants are great for businesses who have limited funding or are unable to find a stable source of funding to grow their business. Understand what your options are here in this guide and strategize how you can use them to meet your financial needs.
There is a myriad of ways a small business can cut costs. The options above provide reasons why self storage in Singapore is a critical strategy for reducing costs. If you wish to find out more about Work + Store and our other storage options, feel free to contact us at 6578 9966 or email us at email@example.com for more information!