The price you’ll pay for underestimating the costs of setting up a business could be more than just the bill – your business could fail then and there. So, it’s vital that you plan for every eventuality. This article has been designed to help you stay aware of three of the most common, hidden business costs.
Balance work and reward for your staff
As a new business, your team will also be made up of new people. To ensure they remain happy and see your company as a great place to work, it is important that you show employees appreciation when they are working hard and delivering the results that you are striving for — even if this does mean added costs.
Money for social events or employee of the month prizes will require budgeting. However, they are also very likely to boost morale and have employees appreciating their work and doing their jobs with a positive attitude.
Also, keep in mind that you will need to offer staff members the chance to go on training course for the company, as this can help maintain strong levels of engagement and motivation.
Watch your gas and electricity usage
In the UK, a micro business will use around 7,500 kWh of electricity annually, with a bill of around £1,062, according to figures from BusinessEnergy. These figures rise to 15,000 kWh and a £2,038 bill for a small business, 25,000 kWh and a £3,146 bill for a medium-sized business and 60,000 kWh and a £7,346 bill for an industrial business.
For businesses, the average business gas prices are:
- Small business: 10,000 kWh per year (£430)
- Medium business: 25,000 kWh per year (£856)
- Large business: 45,000 kWh per year (£1,424)
Make sure you spend some time shopping around for the best deals for your business’ energy supply.
Stay up to date
It doesn’t matter which industry you’re setting up in, you’re going to have competition. One way to ensure you survive is by ensuring your team has the most up-to-date technology available to them to deliver the best results possible.
For example, your employees might be able to work more efficiently with the aid of tablet computers. Worried about cybercrime when you hear of stats such as that there were around 3.6 million cases of fraud and 2 million computer misuse offences recorded by the Crime Survey for England and Wales in its latest annual report? Adding robust security programs to all of your computer systems should give you peace of mind.
Whilst these additional implementations may seem like another cost on top of many, a more effective and efficient workplace will surely return that investment.