The aim of all companies is to generate the largest turnover at the smallest cost - in turn, resulting in the biggest profit.

Every business from Small to Medium-sized Enterprises (SMEs) up to global multinationals aim to maximize their revenue by cutting expenditure where possible and if you run a company it’s almost your duty to explore ways to minimize your overhead.

However, despite their best intentions, even the most profitable and seemingly streamlined firms can end up hemorrhaging cash in the most thoroughly unexpected ways. Here are a few less obvious drains to company revenue that might be putting a strain on your business – and ways to fix them.

Reducing your use of power

Energy bills are one of the biggest fixed costs which face companies today. While it might seem at first that your use of power is just a given and an unavoidable expense, in truth, if you take a closer look at your power consumption, you will likely identify many areas where you could make substantial savings.

In recent years, there has been an explosion in smart energy-monitoring devices that can help you inspect and regulate your firm’s use of power.

Through a combination of Artificial Intelligence (AI) and smart devices connected over the Internet of Things (IoT), new technology could help you dramatically reduce your use of power in the workplace.

For example, smart devices now exist that can automatically control office heating or lighting, switching them off or turning them only as required. Reducing your use of power will substantially cut your overhead and will also help in efforts to reverse climate change.

Mitigating water costs and usage

Performing a water audit on your company may well help you identify another area where you could potentially save money.

Online sites like https://www.utilitybidder.co.uk will perform a full inspection of your firm’s water use – and even suggest alternate suppliers where you might get better rates. Reducing water use and wastage isn’t just good for your pocket, it’s also hugely beneficial for the environment.

Streamline your staffing overhead

We live in an increasingly connected world and these days it’s becoming more and more common for companies to work over remote networks. The recent Coronavirus pandemic has  forced many firms to move to a home-working model, allowing staff to work remotely due to the social distancing measures enforced by lockdowns.

These same networks are perfectly suited to allowing companies to employ freelancers and now, in 2020, the outsourcing market has never been bigger. Rather than simply paying employees a fixed wage – whether they’re busy or not – why not consider hiring freelancers, as and when you need them?

You’ll make huge cuts to your staffing overhead and may even find ways to expand your company’s range of products and services with new skills and knowledge found in fresh, external talent.

Most industry experts suggest remote-working will endure long after the ravages of the virus have passed so now might just be the perfect opportunity to extend your company outside the traditional office and start employing workers on an ad hoc, as-required basis.