If you are an entrepreneur or a small business owner in Vietnam, you know all too well that overhead costs can sometimes be a huge burden to your business.
Overhead costs of business are expenses that come from the daily operations of running a business.
Reducing overhead costs is critical, especially for startups, when you are constantly worried about the money you need to grow your business to the next level.
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You must pay the overhead costs every month, regardless of whether your business earns or loses money. They are often expenses like leases, marketing, and advertising, utilities, salaries, office supplies, etc. The good news is, some of these expenses may not be necessary.
If you are serious about freeing up your cash flow without affecting your business negatively, follow these tips to help reduce the overhead costs in your small business in Vietnam.
Improve Communications and Reduce Meeting Time
Ineffective internal communications and long meetings can drain your financial resources significantly.
Define a clear a clear agenda and goal for your meeting. You will be able to save a lot of time.
These additional time saved can then be put into more productive tasks that increase your company’s bottom line.
Reducing carbon footprint and becoming an eco-friendly business can not only be beneficial to Mother Earth but can also save money for you and your business.
Furthermore, you can improve company culture for having a more socially-responsible workplace.
Reducing energy usage by switching to LED, going paperless, conserving water, cutting down on food waste, promoting healthy eating, and letting employees work remotely are some of the ways you can implement to achieve the money-saving goal.
Outsource your Accounting & HR needs
Payroll & accounting requirements in Vietnam are complicated and change regularly, making it tough for your relevant departments to keep current. Payroll compliance & accounting gets more challenging if your firm works in many countries since your team must remain up to date on each country’s specific rules.
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Outsourcing payroll & accounting allows your team to spend less time trying to stay on top of ever-changing compliance standards and tiresome, repetitive payroll & tax processing activities. It allows them to focus more effectively on essential strategic operations that create value for the company.
Related: Why Outsource to Vietnam for Rapid Business Growth
Know Your Business’ Financial Health
One of the most crucial things to cut down overhead costs and run a successful business is to do a health check for your company’s financial performance.
It means that you should know the production costs of your service or product, profits, liabilities, and other important financial data.
Then you will need to look into these data and see if there are any unnecessary costs that you can remove right away?
For example, hiring unnecessary human resources to perform tasks such as accounting and tax, and payroll, when you can outsource to a third party with more affordable costs.
Opt for a Virtual Office
The lease of a traditional office tends to be long-term and rigid and it requires a huge financial and time commitment. This can really take a big chunk of money every month from your company’s cash flow.
You may wish that you would not have to pay for the hefty monthly rent so they could put that money into better use. In fact, your wish can be realized by having a virtual office and letting your team work remotely.
Virtual offices are advantageous to any type and size of business. They are affordable, flexible in membership terms, and conveniently located at a professional business address.
In addition, virtual offices come with on-demand meeting rooms and conference rooms with all the necessary equipment that your business needs.
Let Virtual Assistant Helps Your Small Business in Vietnam
For administrative tasks such as call and mail handling and forwarding, you really do not need to hire any more full-time employees. Through virtual offices, you will have a trained and experience virtual receptionist to assist you.
Related article: Should Your Small Business in Vietnam Make Its Online Presence through E-Commerce?
Virtual Office for Your Small Business in Vietnam from Cekindo
Cekindo is the leading virtual office provider in Vietnam. We offer affordable and comprehensive virtual office services such as a prominent business address, receptionist, phone and mail forwarding, meeting rooms, and other necessary facilities.
Our customers range from aspiring startups to multinational giants across the globe. Talk to us now and learn how Cekindo virtual office in Vietnam will benefit your business. Start by filling in the form below.