25 Ways to save money in your business
When business owners see the above sentence (ways to save money in your business), for some, the immediate response is to think ‘I need to make staff redundant’. However, this may not always be the only option.
Running a profitable business is about jugging the scales; it is an equation. One side is about increasing sales, the other is watching the bottom line and costs.
We’ve identified some ways to help with this. Some you may already be doing, hopefully there will be a couple (if not more) you could adopt.
Customer care
Contact, contact, contact – these people are the most important part of your business, so make sure you keep them.
Buy in bulk
This could relate to office supplies and equipment. Greater discounts are usually offered for this.
Packing & Postage
Keep an eye on how much is possibly being spent on items for delivery.
Content creation
When it comes to social media and marketing, make yourself the expert rather than outsourcing.
Rent
Consider running your business from home. If this is not possible, try negotiating with your building owner / landlord.
Sublet office space
If the above is not an option, maybe this one is.
Payment terms
Do any of your suppliers offer discount for early payment? This may not be something they advertise, so give them a call and ask the question.
Lease equipment
Items such as copiers/printers are much more cost effective if leased.
Utilities
Shop around for the best deals for your office/premises, switch and save.
Lighting
Install motion sensor lighting into offices and meeting rooms to save on electricity costs.
Barter
Rather than paying for a service, could you exchange services with a supplier.
Go paperless
Save money on paper, envelopes and postage. You will also be helping the environment.
Coffee machine
Issue staff with a bamboo reusable cup and ditch the plastic!
Recommendations & referrals
Nothing works greater than word of mouth. Save money on costly advertising and leverage your network.
Upskill your team
Rather than hire new people, invest in your existing team and make them cross functional.
Travel
Nothing will beat face-to-face contact. However, with technology as it is now, make meetings virtual where you can.
Time off
Bizarre as it may seem, consider giving your team a day off during the month. As a perk and a cost saver, chances are it will increase productivity too.
Suggestions Box
Involve your team, you will be amazed at the ideas they come up with for cost savings. Reward them with a bottle of wine or chocolates, it will save you in the long run.
Grants
See if your business qualifies for grants or funding from the Government.
Telecoms
Consider alternative options such as Zoom, Teams or VOIP.
Cloud based
If remote working is an option for your business, there are so many solutions that will enhance this (One Drive, Box, Sharepoint).
Maintenance
How often is your office/premises cleaned, could this be reduced for a cost saving?
Quotes
Get at least 3 for each project/investment and shop around!
Outsource
This is an immediate way of cutting costs – no equipment costs or payroll (NI or pension/medical). You only pay for productive time. Did you know that you can out-source your credit control to professional credit controllers based in our London, Redditch, Buckinghamshire and Scottish offices? Click below today to learn more about how we save you time and money by outsourcing your credit control.
