The success of your company relies on how you are able to keep your business finances in order. While this has always been the case, good money management is perhaps more crucial than ever, as the cost-of-living crisis is greatly impacting consumer behaviours and limiting business success. Here are some ways for your business to save money.
In fact, a recent study stated that “the number of businesses in “critical financial distress” is up by 19% in the first quarter of 2022 compared to 2021.” As such, if you’re on the lookout for ways in which you can save your business money, without having to make significant cuts, you aren’t alone.
With that in mind, here are three unique ways to curb your spending!
Store Supplies On-Site
The cost of just about everything is on the rise right now. This means the suppliers you work with will also be upping their prices. As such, it’s important that you’re able to negotiate better deals or reduce your spending where possible. One way in which you could achieve this goal is by storing specific supplies on-site, as opposed to picking them up when you need them.
For example, should you manage a fleet of vehicles, you could work with fuel tank suppliers to set up a fuel tank on-site. This way, you’re no longer reliant on filling up tanks at fuel stations throughout the country, where prices are currently notoriously high. You’ll also be able to wager a better deal when filing these tanks.
Limit Power Usage
One of the most significant bills you’ll pay when running a business is for your electricity – especially if you use a lot of equipment during your daily operations. As such, finding ways to lower/limit power usage can be a great way to reduce your spending. For example, you should ensure that appliances such as computers and printers are turned off each evening.
While this may seem rather minor, a study found that “Even hitting the power button on one computer that you often leave on during the work week and sometimes over the weekend can save you £34 a year.” This is money that will quickly add up over time. Furthermore, it’s a great way to work towards a more eco-friendly workplace.
Buy Things Second Hand
There are many reasons why you may be considering renovating your office space. For example, you may be working to accommodate a larger workforce, or combating a lack of workplace productivity through a makeover. While necessary, however, this can also be quite expensive. One way in which you can lower your expenses at this time is by buying furniture second-hand. You can also sell your old furniture to cover some of the costs associated with the decorating process.
Furthemore, it’s also important to note that a lot of the equipment you need to run your business, such as computers and other electronic devices can be bought second-hand – while they will still function perfectly, they’ll cost a fraction of their additional price. This means more money in your pocket!