7 Ways Your Business Can Save Money
When it comes to the question of saving money, most business owners tend to think of cost-cutting measures like cutting down on staff, reducing salaries, or cutting down on perks that employees enjoy. What most of us fail to see in our long-term vision is that there are several simple habits that can help the business save money, if followed diligently. Here are some of them:
1. Use Less Paper
A lot of initiatives used by businesses to go green can also be used to save money; paper saving is one of these aspects. The office can save paper by printing out only those documents that are necessary; using a smaller font size helps utilise lesser paper. Printing on both sides,
and sending the paper out to recycle helps both the environment and your finances.
2. Switch off
All electronic and electrical items can be switched off when not in use to save electricity and money. If there is just 20 per cent of the staff working on a Saturday, the whole office does not need to be lit up. Devise a flexible seating arrangement so that the employees working late or working on off-days can sit together, and the lights can be switched on only for that section.
3. Cut down on Travel
Travel has become more expensive, and a sure shot way to cut down on expenses is to cut down on the frequency of travelling you and your employees do. Plan only absolutely essential trips, and manage the other meetings through phone or videoconferencing. The management can take the initiative to organise carpool groups for employees who are located close to each other, thus saving costs on fuel.
4. Go Tech
Technology can help you save costs, if you figure out how to use it best. Instead of travelling long distances for meetings, set up video conferencing calls. Using Virtual Private Network software may seem like a huge expense at first, but it will help you save a lot of money on commuting and travel over the long term. Instead of sending printouts by courier or messenger, consider file-sharing services that will allow you to share documents with your employees and clients.
5. Alternative Systems
Many offices spend huge amount of money on lighting and air-conditioning. The air-conditioning does not always have to be kept at 18 degrees. Consider increasing the temperature by a couple of degrees (while still keeping it comfortable) and the difference it makes to your electricity consumption can be substantial. Try using portable coolers instead of air-conditioners; or install solar panels on the roof of your building, to generate your own power. Solar panels are expensive to install but pay great benefits in the long run. You can also of course compare energy providers as well to make sure that you are on the best tariff available.
6. Small Things Matter
Expenses that are considered small – like the Styrofoam cups used to drink coffee or water, and disposable plates used in the cafeteria – can become substantial in the long run. To avoid this, replace all Styrofoam with proper mugs, plates and cutlery so that they can be re-used. Employees can be given their own personalised mugs, which they can drink water or coffee out of, and rinse when done.
7. Educate
No cost-saving measure is effective until it is followed up well. Have a separate section of the office with an information kiosk to educate employees about the different measures followed to save money. The personnel at the kiosk can give employees tips about how they can help; and ask for their suggestions too. Cost-cutting measures are truly effective only when both the management and the employees believe in it and follow them sincerely.
