5 Cost Cutting Tips For Businesses

by Dan

In the current economic climate, it’s never been so important to cut business expenditure. So how can you do so without undoing all the hard work that that helped make your company the success it is today? Take a look at our cost-cutting tips to help your business reach the heights it deserves.

1.Recycling

Recycling is something we should all be making an effort with, but how many of us actually recycle properly? If you don’t, you could be missing out on substantial savings.What’s more,government legislation is now targeting businesses that do not recycle.

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So what can be done? Well for starters, you could use a paper shredder to make your own packing material, refill your old printer cartridges or use recycled paper for printing. Producing recycled paper involves 28-70{71b550cbed0aca3fea2335d26076176dc834a5ad6e765af844b2cea64fe7483b} less energy than standard paper, which means it’s a lot cheaper to buy. You may also want to consider installing green power solutions to cut running costs. It all comes down to your budget, but even small and subtle changes can make a difference.

An easy way to cut costs is to have an internal drive so that staff can access documents digitally rather than printing them off. Thishelps cut down on the amount of printer cartridges and paper that you need to purchase too.

2.Location

Paying out for the prime spot in your area may end up costing you more money than it’s worth. You may want to consider moving to a location just outside the centre of town. That way your business will still be easily accessible but you won’t be paying premium rates. You’ll also find that you get much more for your money – like more office space and generous parking options for you and your staff.

Another suggestion is to look into implementing flexible working. By providing your employees with the means to work from home you can help reduce running costs. In fact a recent study by McKinsey showed that agility in staff hours and locations can cut workforce costs by up to 13{71b550cbed0aca3fea2335d26076176dc834a5ad6e765af844b2cea64fe7483b}. Flexible working can also help to boost sustainable business performance and employee engagement.

3.Providers

It’s always advisable to shop around for a better deal rather than stick with your current providers. Many businesses become complacent and go with the tried-and-tested approach but if you don’t take the time to research the current market it could end up costing you considerably more.

If you find a better deal than the one you currently have, your electrical or Internet provider for example, then tell them. They depend on your business, after all. You may find that they’ll be able to reduce the cost of your existing package. If they don’t, you haven’t lost out because you’ve found a better deal elsewhere. For example, in Texas, you can actually choose your electricity provider as their energy market was deregulated in 2002. At first, the practice seemed costly and the average price of kWh went up, but in recent years Texas energy rates are much lower than the national average.

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4.Tools

You understandably want access to the best tools available, but this comes at a cost. If you’re looking to improve the day-to-day running of your business, you might want to consider using free or low-cost platforms to manage everyday tasks.

Google Tools is perfect for creating documents and spreadsheets – and you have the added bonus of being able to back up your data with Google Drive.

A fantastic way to keep track of all your projects is with a piece of software called Basecamp. It allows you to see the progress of a campaign at each step.

For conference calls and internal messaging, you could try installing Skype.It’s free and allows you to remain in contact with your employees, whether they’re working in the office or from home. GoToMeeting is a nifty piece of video conferencing software that allows you to share your screen with your attendees, making client reviews extremely easy.

5.Technology

5 Cost Cutting Tips For Businesses

As your business expands and demand increases, you’re going to need to recruit more people, which means providing them with essential technology. A cost-effective solution is to rent your technology rather than invest it in. That way,you have access to up-to-date technology with complete flexibility, rather than investing in equipment that can soon become outdated.

Hire Intelligence have created a helpful interactive guide that discusses the business benefits of hiring IT equipment vs buying outright. This should help you decide which option is best for your company.

Conclusion

Hopefully our tips will get you on the way to reducing your outgoings. The main takeaway isto avoid becoming complacent and not to settle for the norm.

Taking time out to access your current outgoings can be extremely beneficial. Think of it as an MOT for your company. There are so many different ways to cut costs and make your business a success. For the cost-savvy, the sky’s the limit.

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