In these tough financial times, businesses must do all they can to cut their outgoings to the bare minimum. After all, if profits are being hit at the same time inflation is pushing up bills, any business with designs of long-term profitability will need to cut its cloth accordingly.
Luckily, it can be easier than you assume to save on outgoings – and you certainly don’t need to fire any staff, that should very much be the last resort.
Go Green
Every business has certain outgoings no matter what industry they work in – and the bills to heat and power the office are one of these universal charges that we all face.
The good news here is that this is often an area that many businesses don’t automatically go to when they are setting out cost saving strategies. This means there could be the potential in this area to save some considerable amounts of money.
Consider replacing all old equipment with modern, more power efficient models. Turn off equipment over night and at weekends – you would be amazed how much equipment left on standby over the weekend is costing you!
Tighten Up the Logistics Chain
There is often some fat to be trimmed from your logistic chain. Now, some companies are deeper into logistics service than others. If you make a product that is delivered somewhere for example, then obviously you are going to be able to save some serious money by re-negotiating contracts with your logistic supplier.
Even companies that don’t manufacture goods however can still see some savings in this area. It’s a rare company that does not send items and letters through the mail or a courier service, for example, so switching to a cheap delivery service – eg ilslimited.co.uk – can really help to trim your expenditure.
Reduce Employee Desk Time
This may not work for every business but it could very well work for some, and it could be a revolutionary way to look at reducing your overheads. Less desk time for your employees can bring benefits by lowering utilities bills by using the office less, and also raising productivity.
Consider allowing employees to work at home for part of the week. They reduce the strain on your utilities bill – not to mention wear and tear on your equipment – and, studies have shown, it can actually help to increase employee productivity.
Tackle The Small Things
When you are looking to make savings, don’t let any detail escape your eye. For example, every office and workspace requires maintenance of some kind, it’s an area where humans work and humans can be messy!
But do you really need the cleaners to come in every day? How dirty do carpets get in one day? If you changed the cleaners to a once a week, deep clean that could keep your office clean and also save you some money. Having big bottles of water delivered every week? Change out those expensive water coolers for more cost-efficient water filter machines. Remember that every penny you save will find itself it’s way into the credit portion of your yearly accounts – and lots of pennies can make a big difference.
No matter the current of levels of efficiency throughout your business, its processes and handling of staff and equipment, there is always room for cost-saving and improved practices. Constant performance review, analysis – as well as creative solutions and thorough research – could mean the difference between successful yet static and exponential growth!