12. Consider How Much Space You Really Need
Depending on your organisation’s size, it might be time to give up your office space and move to a telecommuting model. Or it might just be time to move. Maybe you don’t need an office in the middle of downtown, which often comes with a higher price tag.
Consider what you use your office for, how often you’re there and why you have it in the first place. If you feel you still need an office, consider downsizing or look into office rental situations that allow you to maintain a professional space for a fraction of the cost.
However you decide to cut overhead costs, the process will be ongoing, and results will not be instantaneous. You will need to carefully evaluate your current situation in order to determine the most efficient way to generate savings. And unless you immediately jettison a few employees or cancel a bunch of contracts, your cost-saving endeavors will be an ongoing exercise.
Keeping costs down should be a year-round effort, but there should be a method to your cost-cutting. Learn more about where not to cut corners when it comes to your startup’s finances.