With the sad news last week of high street retailer Jessops going into administration Send Business Centre takes a look at what you can do this year to safe guard your own business.
In recent years, Jessops has been hit by increasing competition from supermarkets, internet retailers and the increase of the quality of cameras on smart phones. One of the biggest problems that also faced Jessops was the astronomical high street shop rents and rates.
So as a business owner, one of the biggest questions you can ask yourself is are you paying too much in rent and rates for your business? Is it critical that you trade from your current location? Reducing your current rent and rates bill could shave thousands off your yearly commitments.
It may be that you need to stay where you are, but again ask yourself could you downsize your current operation in its current location and move support, administrative and logistical operations to an area where you can reduce your rent and rates.
When looking at improving your infrastructure, it could be cheaper to relocate to a facility that already has this infrastructure in place, instead of you having to allocate capex (capital expenditure) money to infrastructure improvements. An example could be that your business needs faster and more powerful broadband. The cost of this could put your business at risk if you have to pay for it. However a move to a serviced office facility with high spec broadband could work out more cost effective for you.
So this year, take time out to review your current outgoings and look at ways to reduce these. You’ll be surprised at the amount of money you could save. Don’t become the next Jessops.
If you are considering a move to a location on the outskirts of London, get in touch with Send Business Centre and come and view our facilities that include serviced office space, meeting rooms, warehousing and storage facilities.
