Every business wants to save money in some way or another. The economic climate is ever changing and ever challenging, particularly at the moment. Small businesses are the ones that feel that pinch and squeeze even more so. How can you save money within your business this year? Here’s a few ideas to be getting on with.
Employee Benefits
Back in the day people were content with a desk and a salary. That seems to have shifted as the way we work has altered. Now companies tend to recruit the best talent by offering incentives. Be that gym membership or health perks. You could cut back on these, after all, the ability to put a roof over the heads of their families is probably the most important thing at the end of the day. However if you still want to keep your employees sweet, ask them what perks they actually want and limit yourself to maybe just one. Also shop around for the best price. If the gym in your building is expensive, try the one over the road. Remember that a wellness package of some description will not only put a smile on the faces of your team, it should also create a healthier team, one that takes less sick days. Good all round!
Think About Where Your Money Is Going
Think about what you need in the office and only buy what you need. Are desk phones required for all employees any more when we can FaceTime or Skype call pone another? Decent video conferencing can also cut back on travelling to face-to-face meetings. Invest in decent laptops and sturdy chairs which won’t break without a few months. If you buy cheap you often regret that decision and end up buying twice. Think about what might become outdated and need updating without a few months, don’t buy things that are going to need attention sooner rather than later. Think about the office space you need too. Location is key but location can also change the cost dramatically. There are many stories of businesses moving from rented premises to serviced offices and saving a small fortune every month.
Outsource Some Work
Working with freelancers, you get the best work at the best rates, without having to do all the behind the scenes employee stuff like pension contributions. You also don’t need to pay for office space and training. If you were to invest a lot of training into an employee, they could up and leave at any point, leaving you to fill that role again and re-train someone. You don’t get that with freelancers. Whilst they might charge a higher hourly rate, if you only need them for four hours a week, it’s better to pay that, than give someone a full time salary. If you need a bookkeeper, please do get in touch.
When you start to take a look at areas of your business where you can save money, you realise it’s actually easier to save money than you may think. You’ll also find things that you are paying out every month that you don’t really need and you can reallocate that money to other areas of the business which actually help the business move forward. Start saving money today!
