How Businesses can Save on Costs

Many businesses have found times difficult over the last few years. The continuing economic gloom has had an impact on many areas of business, meaning the need to cut costs wherever possible. There are several ways that businesses can cut costs without cutting productivity and reducing business.

Video Conferencing

Businesses that have a large number of meetings can utilise video conferencing to save on travel costs and time. This is especially true for those who regularly have to travel long distances to attend business meetings, for example abroad. Video conferencing technology has improved significantly in recent years meaning it can be as productive as holding in-person meetings. Extensive travel costs can be reduced, and staff not having to travel makes them more productive and, therefore, more profitable in the long run.

Employees Working from Home

Having employees work from home may or may not be realistic. Where it is it can save on office space and office expense. Businesses can opt for introducing hot desks, where employees use free desks when in the office rather than everyone having their. This will mean not needing a desk and computer for every member of staff. If you are a one-person business then working from home can save on a lot of costs compared with having an office just for one person.

VoIP

Using VoIP for calls can be cheaper than using a traditional telephone. There are many business VoIP solutions that can give customers everything they need, such as multiple lines, call forwarding and answer phone services.

Office Supplies

It is a good idea to try to get all office supplies and company stationary from the same supplier. This might mean being able to negotiate a discount. Where possible, buying in bulk can also save on costs.

Energy Savings

This may be an obvious one, but it is important to limit energy use where possible. This simply takes common sense. Small things such as not leaving computers on overnight, not leaving lights on when they are not necessary, and not leaving heating on outside operating hours can save a lot of money in the long run. That doesn’t mean not using the heating all winter, but simply not wasting energy when it is not required.

Go Paperless

Computers are so prominent in business today that it can be possible to operate virtually paper-free. It is wise to store things digitally rather than printing things out when not necessary. This not only helps the environment, but saves on printing costs and paper costs. For things that do need to be printed it is possible to use a double-sided printer, meaning less wastage.

Good Quality Computers

Sticking with old computers might seem like a good way to save money, but it can reduce productivity. Computers that take forever to load the simplest document waste a lot of time in the long run.

Incentivise your Staff

Giving incentives to staff can increase business. They feel that they are rewarded for their good work and, therefore, become more productive. This does not have to mean giving everyone large bonus, but doing little things to promote hard work and reward improvement.

Regularly Review your Costs

It is amazing how much businesses can waste on things they don’t even realise they are spending. There are often things they once needed but no longer do, and yet they are still paying for it. This makes it important to regularly look at all expenditure.

Andrew Marshall ©