Expenses. Every business has them, and it’s distressingly easy for them to stack up. And especially for small businesses, startups, and entrepreneurs, they can become a haunting concern. Most business owners struggle with finding effective ways to cut business expenses while still delivering a great quality product or service. We’re happy to say that not only is it possible… but we’ve got several tried-and-true methods to slash business expenses and save money so that you’re making a beefier bottom line.
1. Save Money With Energy-Efficiency
If your company has older electronic devices like printers, computers, or other tools, you can probably save a substantial amount on your energy bill by upgrading. For example, transitioning from a traditional computer monitor to a low-power LCD version can reduce your wattage from around 550 to closer to 200! If you have a lot of tools to replace, those savings can stack up dramatically. But that’s not the only place you can save with energy.
Transition lights to motion-activated systems to avoid leaving lights on for too long, a problem which can really rack up your energy bill. Also, transition to energy-efficient bulbs for even more savings. And if your office has a lot of windows which catch the sun in summer, they generate a lot of heat! You can save on your cooling expenses substantially by adding protective films to your windows, or getting sheer sun blinds.
2. Switch to VoIP
Having multiple business phone lines can stack up to be a notable expense. Comparatively, most business and enterprise VoIP plans can cost pennies on the dollar… especially if your firm is large enough to warrant a wholesale VoIP option. Using VoIP also allows your employees to ‘take their number with them’, so to speak, receiving and making calls wherever they need to. This bump in efficiency can help your business serve potential clients better and faster.
3. Ban Retail Buying
There are a lot of standard things a business needs: from computers and tablets to paper, letterhead, and more. In most cases, purchases are all made at retail prices, which can inflate any business’s expenses. Ban retail buying, and urge your purchasing departments or professionals to purchase through distributors or wholesalers. This should be especially true of technology-related purchases, from thumb drives to monitors.
4. Consider Allowing Remote Work
The biggest expense to a business is often its physical location. Rents, utilities, storage, and more all carry a high price, in most cases, and even cheap office spaces run hundreds or thousands a month. If you want to really slash your expenses, consider going to an all-remote workforce and becoming a virtual company. Thanks to cloud capabilities, it’s easy to engage in file sharing, work-tracking, and other activities just as if you were in an office atmosphere. And if yours is a business which can’t be all remote, consider allowing employees who can to remote, or having a specific day of the workweek which is a remote-in day. This can allow your business to downsize its offices, or save substantially on utilities.
5. Save on Travel With Online Conferencing
Online conferencing is a great way to save on travel costs, even if it’s just across town. You can quickly and easily use free online conferencing services to connect with business partners, collaborators, even clients to speak face-to-face but save money on the gas bill. The further away you typically travel for your business, the more you stand to save by switching to a teleconferencing system. Online conferencing can also increase the frequency with which you meet business partners and clients, allowing for you to build a better, stronger relationship with them and improve their overall satisfaction