Vietnamese SMEs business expenses, how to reduce expenses

If you are a Vietnamese entrepreneur or small business owner, the costs are often a significant burden to your business.

Business expenses are various expenses incurred to run a business and are not limited to direct costs.In addition, cost reduction is essential for venture companies to grow their businesses to the next stage.

Overhead must be paid monthly and it does not matter if the business is profitable or not.Expenses for rent, marketing, advertising, utility bills, salaries, office supplies, and more.

If you're serious about freeing cash flow without negatively impacting your business, here are some tips for reducing overheads for small businesses in Vietnam.

Improving communication in Vietnamese businesses

Effective internal communication and long meetings can waste significant financial resources.

Clearly defining the agenda and goals of a meeting can save you a lot of time.

Communicating with Vietnamese people is absolutely necessary for business operations in Vietnam.

If it takes time to communicate with Vietnamese people, it is important to try to communicate appropriately for each company, such as chat-based work instructions and employment of Vietnamese people who speak Japanese.

Eco is important in Vietnam business

ECO is an important keyword in promoting business.

Eco-friendly businesses not only improve social responsibility (CSR) but also improve corporate culture.

For example, switching to LED, paperless, water saving, waste reduction, workplace by remote environment with employees, etc. can lead to various cost reductions from an ecological perspective.

In Vietnam, first of all, understanding the financial situation

When doing business in Vietnam, be sure toVietnam Accounting Standard, It is important to understand the financial situation.

When implementing cost reduction measures, it is necessary to understand what kind of cost reduction has been done before and after the implementation, and the impact on profits.

The financial status and financial statements provide information about useful expenses such as office rental expenses, electricity bills, printing expenses, as well as direct expenses such as company services and products.

It is an important measure among cost reductions for managers to have a firm understanding of the changes and changes from the previous month for each account.

In Vietnam business, outsourcing

Accounting, laws, various governmental regulations, and daily rules and rules relating to business change.

In such a business environment, and even in the case of an unfamiliar overseas country such as Vietnam, it is important to make good use of outsourcing.

Outsourcing provides various services such as accounting, taxation, payroll, etc. By making good use of these services, human capital can be supplied to businesses that generate profits.

Hiroyuki Suzuki (Residential Land and Building Trader, Bookkeeping Level 1, English / Chinese)

Residential land and building trader. After working at the largest Japanese accounting office in Hong Kong, he was founded independently in Vietnam. In Ho Chi Minh City, together with fellow Vietnamese accountants, we provide real estate, accounting, taxation, auditing, and one-stop services to foreign-affiliated companies including Japanese companies.