In the business of saving money? Simple hacks to reduce costs without cutting corners

Whether you are a startup or an established business, you should always be on the lookout for ways to reduce costs. It’s important to stress, too, that cutting costs doesn’t mean cutting corners.

Here are some ways to do this at your business and reduce costs:

Upcycle equipment

Rather than always buying brand new equipment when your old items look tired and unprofessional; revamp them using specialist industrial equipment. Hire blasting equipment to help you strip the paint from old vehicles before you repaint and repurpose them. This is also great if you’re buying second hand stock – such as rail rolling stock – and want to add your own branding.

Attend free networking events

As the old saying goes, it’s not what you know, but who you know. If you attend networking events in your field, you’ll get to know the influential people in your industry. Building up these relationships is vital to help you to get the best deals going forward. It can also be a good opportunity to share knowledge. You never know, even the smallest of tips can help you to save money.

Buy office supplies in bulk

It’s a well known fact that if you buy in bulk you can save thousands a year on everyday office supplies. Bulk buying is good for paper, ink and even pens. You may be able to work out a deal with suppliers that can cut your costs even further. When buying in bulk it’s important to not just do a repeat order. Make sure you only replenish the stock you need.

Clear out unwanted items

Asses your office space and look at what you actually use day to day. If you can’t find a use for something, simply, get rid. As well as the office furniture and kitchen appliances, this also means looking at the type of software you use. Cancel subscriptions, minimise electrical items and sell unwanted items on boot sale apps. Do make sure you don’t just throw these items away. Sell on to make a bit of cash if you can. Making money from selling unwanted items is a great way to reduce costs.

Upskill your employees

Take a look at your employee structure and make sure you are getting the most from the skills of your staff. Also, look at potential training that can unlock potential. You’ll want to encourage self-improvement and let employees share their expertise with each other to build up the overall team performance. It’s important to try to hire people that can grow and flourish in your organisation.

Create a money saving culture

To keep up with the money saving momentum, encourage your staff members to think about office waste. You could even offer an incentive to the employee or team that manages to cut most waste. Even the small things can help. Making your office paper-free by straying away from unnecessary printing, can save on ink, paper and printer repairs.

Use free software

For everyday tasks like emailing, conference calling, project work and marketing, there are plenty of free software programs that can produce the same quality results and reduce costs. If you can find a version for free, why spend the money? Utilise Google tools such as, Gmail, Google Calendar and Google Hangout, for example. For free email marketing, MailChimp is a great piece of kit. If you would like an online platform for collaborative work; Slack, Basecamp and Trello offer an interactive workspace at a low fee. It’s always a good idea to market your brand through social media, such as, social media like Facebook, Twitter and Instagram. You’ll be able to connect with your audience and build on brand awareness for minimum cost.