Being able to cut costs and save money is something every business should be doing. By saving money, there’s more profit left over. Not only that, but it’s likely that you’re being less wasteful too.
Saving money for your business can be difficult when you’re already doing as much as possible to cut costs, but there will always be other solutions you can try.
Learn some new ways to tighten your belt with these six ways you can save your business money this year.
1. Cater less
How much does your business spend on catering each year? If you’re constantly hosting business lunches or you go out to eat a lot, then you could find that you’re spending much more than you realized on feeding clients and employees. Try catering less or looking for smarter ways to cater a meeting – you can easily head to a store to buy your pastries and sandwiches instead of using a catering company. Always cover fewer people than you need to, there’s always food leftover so you’ll be saving on your food waste too.
2. Allow employees to work from home
Does your business offer a home working policy? Perhaps it’s time it did. Having fewer employees in the office will help you save on running costs, especially your energy bills. It’s a great way to give greater flexibility to your employees, and there are a lot of benefits of home working for them too. Provided you have the technology infrastructure and equipment to allow this, it should be simple to offer home working to your employees.
3. Be greener
How green is your business? It’s likely that there’s always something you can do to be greener. Running a greener business will involve setting policies your business can follow to help cut back and save on waste. You can start with changing your light bulbs to more energy-efficient ones, and even perhaps going paperless. Having a sustainability pledge helps keep your business accountable, and seeing all of your green policies will have a positive impact on clients or customers, as well as your employees and stakeholders.
Why not bring your employees on board with your greener approach by asking for their suggestions and ideas?
4. Manage your fleet more effectively
Is your fleet management a tight ship? If your fleet isn’t run effectively, you could be spending a lot more money than you need to. Take some time to analyze your mileage and whether you could be putting your fleet to more efficient use. Getting your IFTA reporting in order will help you see exactly how many miles you’re putting in and where your spend is to help you make some smarter decisions for your business.
5. Have fewer meetings
Does your business go overboard on meetings? It’s easily done. Many people request a meeting when a simple phone call or an email will do. Having too many meetings in the day will make it difficult for people to get their work done, at a risk of employees having to stay late and work long hours – which isn’t great for their health. Cut your meetings so you can cut sickness and overtime, sometimes it’s better to simply get on with things than to spend hours talking about it!
6. Be smarter with your marketing budget
Could you be smarter with your marketing spend? Marketing can be a significant cost for your business, but it’s likely that there are ways to make your marketing spend smaller and more effective. Online marketing methods are typically cheaper than say TV advertising and could have a wider reach for certain audiences. Internet marketing trends for 2020 indicate a shift in mobile and video advertising, which could be where you’ll want to focus your efforts. Cutting your marketing costs will save your business a lot of money, and by carefully analyzing your impact, you could find that less really is more.
By saving your business money, you can focus your resources on key areas like staffing. Finding ways of cutting back is great for the books, but it can also make your business more resourceful and waste less, ideal for helping the environment. Take time to think about other ways you can make processes easier or to cut back, you could find that there are tonnes of other ways to save your business money. Start saving and look forward to a more streamlined business in 2020.