For your business to succeed, you’ll need to find a way to balance the books. As business owners, we are often preoccupied with the notion of how to boost sales and increase revenue, but there is another way to increase the bottom line. By exploring a number of different ways to cut costs, we can improve the overall efficiency of how the business is run.
For small and medium-sized businesses (SMEs) in the UK, getting a great deal on commercial energy could potentially save you thousands of pounds every year. Sites such as Utility Saving Expert have made it easy to carry out a business electricity comparison. Simply enter a few details about your business and energy usage and you’ll be presented with a list of market-leading suppliers to choose from, these can be filtered by price. This is one of the most effective ways to save your company money. Although, there are many other practical steps to consider. We have outlined these below.
Arrange fewer meetings
According to Harvard Business Review, problems can arise when “meetings are scheduled to run without regard to their impact on both group and solo work time.” This allocated time can decrease productivity, especially if it isn’t of utmost importance. This doesn’t mean that you should cancel every meeting in the company calendar, just prioritise those that are important and don’t hold meetings that aren’t necessary.
Don’t rely too heavily on traditional marketing
Running ads on TV, billboards and print media can become prohibitively expensive for a large number of companies. Fortunately, modern digital marketing can cost a considerably lower amount and be even more effective through well-optimised campaigns. Setting up a social media account is free, there are a number of built-in marketing tools available for businesses to utilise. You can even allocate some of your advertising budget to paid ad campaigns. There are a whole host of customisation options to allow you to reach your target demographic on these platforms.
Have you considered remote working?
This option won’t be available to every business type, however, those that can take advantage of remote working will see a number of key benefits. To start with, more and more employees are considering remote working employment opportunities due to the improved work-life balance on offer. This will help them save both time and money by not having to commute. On the other side, businesses won’t require as much office space and this can also help them save money on rent, commercial energy, and various insurance policies. High-speed internet and a range of online collaborative tools have made this a reality for many companies across the world.
Buy used office equipment
Purchasing new is great, but your business could save a lot of money by buying office furniture, equipment and tools that are second hand. There are a number of dedicated companies that buy and re sell office furniture, often this is in ‘like new’ condition. For start-ups especially, buying used will help you better manage your cashflow.
Bulk buying
It’s easier to buy only what you need in the short term, however if you have been given the task of purchasing office supplies, consider buying them in bulk. There are a number of different office equipment suppliers to choose from, and they will be able to give you a sizeable discount for ordering a higher quantity of items. Think about what type of equipment and supplies you consume regularly and look out for special offers. This also applies to electronics and software licenses too.
Negotiate better terms
By negotiating with manufacturers, suppliers and other business types, you can often get a better deal. Start by listing what products and services your business uses, and see how the price of these compare elsewhere. Negotiating can be considered to be an art form, being honest, respectful and transparent will help you maintain strong relationships.
Automation through smart technology
Your business can save a lot of money by using smart technology such as lights that dim and turn off through automated sensors. Smart thermostats can adjust the room temperature and be programmed to activate 30 minutes before employees arrive at the office and be set to turn off once the working day has concluded.
Use software to track expenses
All businesses are required to keep track of their income and expenditure for accounting and tax purposes. This doesn’t have to be a strenuous task, as there are a number of free and paid software options to choose from. Many tech companies even offer dedicated apps to help you document company expenses even while you’re out and about. Look for apps that include features such as cloud syncing and sharing. This will allow you to access the data on any device, such as your desktop computer, laptop or smartphone. You can even set user permissions to allow selected employees to be granted access.
In summary, reducing business expenses is an important goal for any successful company. You don’t have to sacrifice output or quality of service to achieve this, as we have outlined several steps you can take to save money above.
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