In the business world, it is all about the bottom line. You can appear to be doing well, but if you’re wasting money then, your business is a failure. As a business owner, it is your responsibility to ensure that the company is as profitable as it can be. Doing so means looking out for new business money saving opportunities wherever you can. Finding new, innovative ways to cut costs in your business is a job in itself. You must never cut down the quality of your service or products. You need to ensure that your business is not draining your finances. Here are five incredible money saving hacks for your business.
1. Consider Remote Working
If you have a small team then consider whether you need office space at all. Could you all do the same jobs at home? If the answer is yes then there is no question that remote working could save you money. Stop paying for expensive office space and make everyone’s job work on a remote basis. You can all ensure that you work between the same hours and communicate online to tell each other how work is progressing. Working at home is the future of saving money in your business. Make sure that you have regular meetings in person to get full business updates.
2. Get An Energy Audit
How much do you spend on energy? Whatever the figure, the answer is too much. Ensuring that you are spending as little as possible on energy will save you a lot of money in the long run. Many business owners assume that all energy providers offer the same service at the same price. That is not the case. In fact, there is a huge gap between energy provider prices. By taking the time to shop around, you could make significant savings on your bills. Comparison companies, such as Love Energy Savings, allow you to find the best deal to suit your needs. Switching to a cheaper provider could save you up to 20% on your energy costs.
3. Promote Yourself
Marketing costs are one of the biggest outgoings for many modern businesses. With the advent of the internet, though you don’t have to pay expensive PR and marketing fees. You can promote yourself online with ease and at a much cheaper cost to the business. Look into marketing techniques that you can start using to help promote your business. You should be promoting yourself on social media all the time. Sending the odd tweet and Facebook post whilst you’re at work could win you some attention from customers. Use Hootsuite to centralise all your social media accounts.
4. Pay Sales Commissions
Rather than paying your sales staff high wages from the offset use a commission based policy. Pay your sales team a basic wage and then say that to make more money they have to sell more. The more each sales rep sells, the more money they take home at the end of the month. It is as simple as that. The point here is that if you’re not making money, then they’re not making money. You will see how much harder your team works at sales when they realise that they could make money from each sale. The incentive works because your staff will want to make themselves and you as much money as possible.
5. Buy Second-Hand Equipment
Do you always use the same supplier for your equipment? You can cut down your business costs by looking into second-hand or refurbished equipment. You can get everything from laptops to printers in great quality online from second-hand dealers. Many businesses always buy new equipment as they assume that it will be more reliable than used tools. In fact, many second-hand items come with extended warranties. That means that you can be sure that the equipment will last. Shop around on Amazon and eBay to find some fantastic, cheap deals.