Saving money is important for businesses, and each year you should aim to set a savings target to help you maximise your profits. Finding ways to save money for your business can help you save jobs, run more streamlined processes and make your business more efficient.
Take a look at the following tips for easy ways your business can save money in 2018.
Become more energy efficient
Energy efficient businesses are better perceived by clients, and can also help you to generate more business. People respond positively to businesses that show green practices, including your own employees. Of course, one of the biggest positives that come from being energy efficient is the reduced running costs. By implementing some green policies, you can look forward to a continued reduction in your business’ energy bills – making it a win-win situation. Start thinking of ways your business can go greener to help benefit the environment as well as your expenses.
Cut your tech spend
Tech can be a major investment for businesses, and with technology evolving all the time – it’s important to stay ahead of the game. Technology is by no means cheap, but it’s essential that your business has what it needs to succeed. That being said, there are ways you can save on your tech spend, from buying cheap laptops to leasing your photography equipment. Buying more affordable technology doesn’t have to mean compromising on quality, it’s a matter of making the most of your investment and not necessarily rushing to buy the most expensive equipment on the market. Assess what it is your business needs and take it from there to find technology that fits that specification.
Lower your phone bills
Phones are another business essential, but they’re used a lot less in offices today. Many people prefer to take calls on their mobile phone, or have entire conversations by email – almost eliminating the need for office phones altogether. Even if this is true, it’s still important that your business still has phone lines so that people get in touch with you. An easy way to save money on your company’s phone bills is to switch to VOIP calls, which rely on an internet connection rather than a phone line and still offer the same calling experience.
Another way to reduce phone spend is to cut the number of people who have a company mobile. If you conduct a review of how many people actually use their phones regularly, you might find that there are some who don’t need a phone at all. You might also want to consider switching providers in a bid to make further savings.
Reduce your advertising costs
As more and more people move towards digital marketing, the cost of traditional advertising is rising. This means that the advertising costs you used to incur as standard, such as newspaper adverts or billboards are likely costing you more than they did years ago. Digital marketing has emerged as a much more affordable alternative to traditional advertising, allowing you to benefit from a wider audience to sell your products and services while saving money for your business. It’s worth reading up on how much you should budget for content marketing to help you establish some clear costs. With the right content marketing strategy, you might not need to spend money at all – so get your creative team working on ways to make a splash online to help get the best ROI for your business.
Adopt flexible working
Flexible working is a great development for businesses that allow employees and employers to benefit from different ways of working. It might require some investment to get started, such as equipment and software costs, but you will soon feel the benefits. Employees who work from home or work flexibly means that there will be fewer in the office at once, reducing your running costs. Adopting video and teleconferencing can reduce travel costs and allow people to participate in meetings from their location – making collaborative working simpler and more effective. There are some interesting articles to read on the subject of flexible working and saving money that could help persuade you to take the plunge.
Finding ways for your business to save money can be easier than you think. It’s worth taking a look at money saving tips for small businesses to see if there are any other areas where your business can make some savings. Get 2018 off to the best start by taking a look at savings you can make and help your business to become more efficient.