Five ways to save money in your business

The success of any business, large or small, depends on its ability to maximise profits and keep expenditure to a minimum. 

Even the most cost efficient operation could benefit from finding more ways to save money and reduce unnecessary spending. 

1. Switch your energy supplier

Although it can seem like a hassle, switching your energy supplier could result in your business making significant savings in the long term. As with many homeowners, a lot of new businesses tend to sign up with the supplier that seems to offer the best deal at the time, and never thinks to check thereafter if they are getting the best package possible.

By reviewing your company’s energy expenditure and investigating the offerings of other suppliers, it is very likely that you will be able to find a deal on electricity and gas that is more precisely tailored to your company’s needs, and therefore cheaper and more energy efficient.

2. Offer flexible working arrangements

Although not suitable for all businesses, there is a strong cost-cutting case for allowing some of your staff to work from home, or to have more flexible hours. Not only will it mean you have lower energy costs in the office, and you won’t lose time caused by travel delays, but it is also possible that you will have a more productive and enthusiastic workforce.

If your best team members are happy with their working arrangements, they will be more likely to stay and your staff turnover will be low.

3. Use open-source software

By switching from commercial software products to open-source alternatives, you may well be able to save your business a considerable amount of money. Open-source software is not only less expensive, but you will also be able to customise the software so that it meets the needs of your business more closely.

4. Use franked mail instead of stamps

Many businesses rely on outgoing mail to reach their customer base, but the fact is that stamps are inefficient and costly. Not only is franked mail considerably cheaper on an item per item basis (at 2013 prices, a second class letter costs 34% less to send franked than with a stamp) but it is also a quicker and more accurate pricing method for letters and packages.

Franking machines have a direct connection with Royal Mail, and a machine that has an integrated scale is able to calculate precisely how much each parcel and letter should cost to send. With stamps you are very often left to guess how much to spend, with the result that many companies overspend by a considerable margin on their outgoing mail.

Although purchasing a franking machine outright can be costly, many suppliers offer good deals on leasing arrangements and even free trials, so it needn’t cost you anything to find out just how much money your business could save by using a franking machine.

5. Cut down on business travel

Many businesses spend huge amounts of money paying their staff to travel to meetings and visit clients. While there are occasions when this is not only unavoidable but essential, in many cases it may just be possible to find a cheaper alternative.

Web conferencing is becoming an increasingly effective replacement for face-to-face meetings, with none of the costs associated with business travel. Webinars, conference calls and video conferences are all avenues worth exploring, especially if the alternative means sending a member of staff to a meeting that may well entail air fares, hotel bills, expenses and valuable time spent away from the office. 

This article was provided by BusinessQuotes.co.uk

 

1 comment about this article

comment by Leafletbee
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