As business owners, we all wish to cut down on our expenses to use the available capital for improving our businesses. But doing so can even compromise your daily business functions and your employee productivity. Don’t get confused. Here are some ways you can cut down on your business expenses without compromising on your work or employees’ productivity.
Go Green
More and more people are switching to better ways of using natural resources, and offices are just contributing to the global cause of ‘go green.’ You too can do the same. Change your way of using resources in order to contribute to nature and save business costs as well. Here, you’ll need to plan for things like water, electricity, gas, internet, and basic office supplies that include pencils, pens, and paper.
Install more efficient equipment and electricals in the office to save money. In fact, install a solar cell for electricity and heating water in the office. Install low-flow toilets and faucets in washrooms to cut down on water bills and water wastage. You can opt for several other eco-friendly office supplies and equipment to go green. There may not be room in your budget to buy such products and equipment, but getting these things in office will largely impact your utility costs in
Turn Off Electronics
Turn off lightings, air conditioners, refrigerator, computers, and other electronics and electrical appliances for some time every once in a while. Doing so often will lower your utility bill amounts. We understand that doing so can be really disturbing, especially when you have a lot of work to finish and deadlines to meet. In such cases, you can decide upon a day of every month when you’ll power down all devices and appliances. If you wish to do it regularly, lunchtime will be the apt time to do so. Turn off everything when you and your staff are off to canteen. And don’t just turn off your devices, unplug them. The majority of office power is consumed by machines that are off but still plugged into a live outlet. If you don’t wish to turn off everything and then turn them on back again during and after lunch hours, follow the practice when you leave the office at the end of your day. Lastly, whenever possible, open the blinds, let daylight in, and use natural light to work.
Cut Down on Advertising Costs
This one is easy! With more potential customers online than ever before, advertising does not have to be expensive. Cut down on expensive outdoor and print advertising and turn to social media advertising and word-of-mouth instead.
Paid social media advertising is much cheaper than outdoor and print advertising. In case, you devote time and workforce to engaging your company’s fans and building your social following organically, you can reach thousands of current or potential customers without spending a dime. Start with building an online presence by creating a website and/or creating a Facebook page. Tweet about your business on Twitter, and create an email newsletter.
Cold calling, asking for referrals, and always carrying business cards are also inexpensive ways to increase your marketing profile.
Go Paperless
The world is moving to technology and so should you. Cutting down on the use of paper and using more digital alternatives instead is a great idea to reduce business costs. A considerable chunk of your business’s budget goes into buying printer papers, books, journals, receipt books, diaries, and other paper-based inventories. By switching to “E” versions of everything, you can save a lot of your monthly budget. And by switching to digital alternatives to documents and files, you will also contribute to the environment and take another step towards ‘going green.’ Here are some things that you can do to go paperless or at least reduce the use of paper.
- Use mobile applications like Smart Receipts (Android / iOS) or Expensify (Android / iOS) to scan and save all your receipts, bills, invoices, and other payment and billing-related documents.
- Use secure electronic file exchange services such as Delivered Secure, rather than traditional courier services.
- Use Sticky Notes on your laptop or computer.
- Tighten margins and shrink fonts on printed reports.
- Print and copy double-sided whenever possible.
- Reuse paper as much as you can.
Work Remotely and Telecommunicate
Another amazing way to cut down on expenses is to virtually on some days every month. You can ask your employees to work from their homes or elsewhere. Doing so will obviously reduce the use of office property every month. Use of electricity, water, stationery, food, and other office resources will be reduced considerably. In other words, doing so will lower your budget by the end of each month. In case you keep multiple work-from-home days during a month, your monthly budget can lower by 20%-25%. Make sure all the important documents are shared on Cloud or Drive.
Ask your employees to be available on phone and video calls to avoid missing out on any crucial communication. In case there’s a meeting fixed during the “work-from-home” day, let it happen remotely.
Also, some people can be more productive when they work from a place they are comfortable at. This way, your business will be benefited in two ways simultaneously.
Apart from these, you should pay your business taxes on time, uninstall appliances and lights that aren’t useful, use energy-saving lights and lamps, limit travel facilities, and hire a freelancer instead of a full-time employee if possible to cut down on your business costs.
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