6 simple ways to reduce business costs
This year, every business has had to find ways to tighten purse strings and protect assets to keep their head above water. It’s been tough but it’s certainly taught us that we can be resilient and get through the hardest of times.
So, if you’re still looking for ways to reduce business costs, we have some ideas for you. From downsizing the office to buying supplies in bulk here are 6 ways to reduce business costs.
1. Take advantage of remote working
Nearly half of bosses in the UK believe that the new move to working from home will save them money this year. There’s less energy to pay for with everyone in the office, no footing the bill for tea and coffee and staff are meeting virtually instead of accruing travel costs to meet with clients. Even when the impact of Covid starts to reduce, consider keeping a flexible work from home policy in place with the office available for those who need to collaboratively work.
2. Downsize your office space
A smaller space will, of course, cost less than the larger one you may be occupying so consider moving your business to a more compact office. This concept links back to the idea of working from home more, why pay for a large office space when most of your staff aren’t even there? But if you have doubts about downsizing you can still keep any furniture and equipment that won’t fit in a storage unit until you need it again.
3. Buy in bulk
When it comes to office supplies such as ink cartridges or even pens, sometimes it saves you money overall to buy in bulk. Look for deals from suppliers and get what you need to cover a few months, to stick to a smaller budget and ensure you’re stocked up.
4. Buy secondhand
Need new office chairs or a couple more desks? Buy secondhand. Pre-loved furniture will cost considerably less than purchasing them brand new. You’ll find websites dedicated to offering secondhand furniture with everything from designer desks to match your brand’s high-end theme to basic equipment and even reception furniture that should impress clients.
5. Use free online tools
The ‘do it yourself’ mantra has been well and truly adopted across businesses in the UK this year. Instead of paying a design agency to create your online advertising or flyers instead businesses are turning to sites such as Canva and Pixabay to access free tools and imagery that can be personalised to reflect their brand. This saves a great deal of money while still resulting in professional-looking advertising and a new skill set for you and your team too!
6. Go paperless
Not only will this save you money on expenses such as printing costs and supplies but it’s also more beneficial for the environment. Go paperless in everything you do, use cloud-based networks to share documents and important information and reduce your outgoings quickly.
These quick and easy to implement tricks will reduce your business costs and save you a little extra cash that you can reinvest in your workforce – the most important element of your business.