Planning, marketing, productivity and talent. Just some of the most important aspects of any business. Driving your business towards success will certainly be more achievable if you bear those things in mind. However, money and good financial planning is also a feature of business you need to focus your attention on.
Keeping an eye on that bottom line and keeping your business in the black is what it’s all about. You want both business and financial success. As well as something to pass onto your children and of course something left over for your retirement – looking for info on a personal pension plan? Click the link to find out more. So, if you’re looking to keep those coffers full you might want to look at how you save your business as much money as possible.
Read on for how you start saving money on your business, today.
Reduce the cost of equipment
Laptops, office chairs, file cabinets, printing equipment, monitors, printer cartridges – whatever you and your team need in the office, avoid buying brand new and choose gently used instead. You can still look professional, kit out your workspace and get the job done without spending a fortune.
Always be as green as possible
Going green isn’t just good for the environment, it’s great for your bank balance too. In addition, being environmentally conscious is also a great USP, which many people look for when choosing small businesses. Make sure everything is switched off when it’s not in use, encourage employees to carpool, use renewable energies and save as much paper as you can!
Go freelance or home-based
More people than ever are working from home. With many employees working from home during the Covid-19 pandemic and continuing to do so for the foreseeable future, if you don’t need to spend huge amounts on rental fees and office utilities, then why should you? Opting for home-based or freelance workers can free up huge amounts of money that could be better spent elsewhere.
Cut back on meetings
Meetings are great for checking in with your employees, sharing ideas and updates. However, in terms of productivity, they’re incredibly expensive. How many hours a week are you spending on meetings? The amount might surprise you. If what needs to be said can be put into an email, do it.
Hire those with less experience
If you need in-house staff, then consider opting for candidates who are fairly new to their career. Choosing a graduate or entry-level employee to complete tasks that they’ll be capable of is a simple yet effective way to save your business money. Not only do enthusiastic and recently qualified people get to work with you, but you won’t have to pay the larger salary of someone who has over ten years of experience. You still get the work done, but for much cheaper.
And finally, cut back on expenses
Buying the team their lunch every week? Or providing endless tea, coffee and biscuits? All of these expenses don’t sound like much but over a year? It’s money that could certainly be better spent elsewhere.