Immediate Steps to Take to Make Savings for Business Owners

 

 

Every business has phases of high expense. That is, of course, to be expected, but once the dust has settled and you’re experiencing ‘business as usual,’ you should comfortably have a steady trickle of outgoings to keep you afloat. Unfortunately, many businesses find themselves weighed heavily upon by day-to-day expenses, and that can amount to a rut that puts a stopper on further investment and growth.

 

Getting your business out of such a rut can seem an insurmountable task. Some of the ‘dead weight’ might be hard to remove from your company in the short term. However, to give you a kick start on trimming down those outgoings, here are some measures you can take right now.

 

Changing Suppliers and Supplies

What are your outgoings on office supplies? If you’ve been purchasing these goods from the same supplier for a while, it might be a good time to review this. What alternative suppliers are there, and how do their prices compare? Don’t switch immediately, get quotes from different companies, barter as much as possible. There’s nothing to be lost by this process apart from time, and if it regularly saves you money in the future, that’s time well spent.

 

Additionally, consider the actual supplies you’re buying, and the cheaper alternatives. Some brands may be worth the extra expense, but this is rarely the case when it comes to big names.

 

Changing Utility Providers

Utilities like gas, electric and internet access are easily overlooked, semi-invisible as they are. But utility prices fluctuate greatly and unpredictably. You should review your utility deals at least annually to make sure you don’t suffer unduly from these fluctuations.

 

This might sound like a tedious and rather cumbersome job, but with handy comparison websites such as Utility Bidder putting in most of the legwork for you, it’s actually one of the easiest on this list.

 

Going Green

Reducing our impact on the planet is imperative. It’s also a financial essential for smart business owners. Carelessness in the workplace can add up to an enormous amount of energy consumption, and energy costs money. 

 

Let your employees know that energy efficiency is part of the company ethos, and get them involved in brainstorming further ideas for making your company that bit greener. Here are a few immediate and ecological steps towards saving money:

 

  • Ensure all machinery is turned off outside working hours
  • Maximize natural light during work hours, turn off lights where possible
  • Avoid unnecessary printing 

 

Offer Work Reductions

Reviewing the workforce, cutting hours and jobs. These processes will take more time and care than the other steps we’ve examined here. A gentle way to start this journey can be extending an offer to staff to reduce their hours.

 

Many of your employees, especially older staff looking towards partial retirement, may be relieved at the offer. Remember nobody wants to show weakness in an increasingly competitive world. Staff working fewer hours by their own volition are likely to come into work with a much more positive attitude, meaning you’ll get a lot more out of them for your money.

 

 

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