Saving your business money is one of the most important goals, along with making it, of course! It is unlikely that there is a successful business out there that does not consider how they can implement tips and strategies to keep their costs down, and many companies are always looking for new ways to make sure they are doing just that.
This simple guest piece will take a look at some top tips on how you can save your business money, to ultimately help it grow.
Send it in an email
Unless the nature of the conversation requires the sensitivity or engagement of face-to-face, then cutting down on meetings is a small but mighty tip for businesses who want to cut costs. The more time employees and management are away from their daily tasks means more time where they are not able to complete their work. So much time is wasted through unnecessary meetings, and employees find that it can really affect their focus and work performance. It has been suggested that 70% of meetings cut into employees being able to complete their work, which definitely equates to lost money! Before you or management call a meeting – ask yourself, “Could this be in an email?” and go from there.
Standard offices are becoming less and less popular thanks to working from home, and this can work in favor of businesses. Not only are people enjoying working remotely or a hybrid approach, but their productivity is increasing, which is yet another great money-saving benefit. Getting rid of your traditional offices can not only save you so much money on rent, bills, and everything else that goes with it, but you also do not have to give up a professional workspace entirely. Hot desking is an excellent alternative for those who need workspaces from time to time, such as if an ‘in-person meeting’ with a client needs to happen or businesses need a place for in-person brainstorming. You can hire by the hour or by the month, so this flexible arrangement can work for many different businesses and save you a significant amount of money each year. Just search for shared office space London to find the right space for you and your business.
Every business should know to negotiate deals. The worst thing that can happen is someone can say no, and you keep negotiating. Whether you are looking for a mobile plan, work broadband, or want to buy products in bulk, always do price comparison deals and check what the cheapest for what you are being offered is. You can then negotiate from there. Most companies will want to keep your custom, just remember to be respectful and reasonable.
Get cashflow software
Keeping an eye on your expenses is an important means of making sure you are not spending what you do not have or do not need to spend. Hiring someone to do that can cost you more money. Invest in some cash flow software that could help you track your spending.