5 Unique Ways Your Company Can Save Money

business money managementFor any company, large or small, it’s good financial practice to save on costs where you can. There are obvious ways to save money, such as negotiating the best deals with suppliers or shopping around for services, but there are also some less apparent ways to cut costs. If you are looking to streamline your business expenses, then this guide brings you five unique ways to save money that you might not have considered before.

1. Cut your electricity bill

Did you know that appliances that are left on standby use a significant amount of energy while not even being used? One way to combat this is to use a multi-socket or power strip, so you can switch off lots of appliances with the flick of one button.

You might also consider sustainable energy, such as solar panels, to save money on your electricity bill. Sunpower by Stellar Solar is one example of a company that can install solar panels, so your company can harness the energy of the sun to meet your electricity needs, instead of buying mains power. The only costs are buying and setting up the panels, after which the electricity you use is free. It doesn’t take long for the panels to pay for themselves, and then you no longer have an electricity bill, creating considerable savings that make a difference to your profits.

2. Go Second Hand

Do you really need to shell out on brand new office equipment and furniture, when there is perfectly good second hand, refurbished or ex-display options that will do the job just as well? You are able to get some great deals on equipment if you look into it, such as refurbished office printers that will save you hundreds compared to the price of buying new.

3. Use Free Software

Make use of open source software that you can use for free, such as Google Docs, where you can use most of the day to day office programs such as spreadsheets and word processing. You can also make use of free software trials to get you up and running with new projects.

4. Offer Remote Working

Cut down on the size of your office premises and pay less for rent by offering employees the opportunity to work remotely where possible. This is a win-win situation, as employees manage their own time more effectively as they do not have to commute, and this increases productivity.

5. Exchange Services

Every business has services it needs to buy, as well as the services it sells. Instead of paying for those services, you could negotiate to swap services with another company. For example, if you offer copywriting services, you might offer to write content for a company in return for a service that they provide. That way each party gets what they need without money having to exchange hands.

Saving money, as well as selling to clients, is a key way that any business can improve profits, yet it is often overlooked. Small changes soon add up, so look into the ways that you can cut costs and see your company grow!

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