There’s not a small business in the world that doesn’t love to save costs whenever possible, but the only trick is how to implement them! Especially around Christmas, businesses of all shapes and sizes all seem to run out of time and never get around to making cost-cutting changes actually happen. But whether it’s now or in the new year, set aside the required time to make the right adaptions to your expenses and start saving right away.
Think green
It’s not just households that need to think about energy and water usage, but businesses as well. Switching to LED bulbs is a great start, but it’s also important not to print out anything that really doesn’t need to be on paper. Cloud file sharing services and email are a better and faster way to transfer and store documents, but you could also think about your office printer. Switch to black and white, print double-sided, and preview everything before hitting ‘print.’ It’s also good to use an online store that allows you to buy recycled ink cartridges, as you’ll save money and help the environment.
Try open source programs
Microsoft has a bit of a stranglehold on office programs like Word, PowerPoint, and Excel, but one could argue that there are just as many free and better programs out there. Have a look at these free programs and you actually might be surprised that they do the same job as the Microsoft Office counterparts, but without any costly subscription fees. Open source programs also exist for bookkeeping, photo editing, and many other computer programs you often use.
Negotiate more
It might feel a bit like you’re haggling over the price of an apple in a market, but if you have to purchase items with a supplier, then it’s worth seeing if you can negotiate a deal that works out cheaper in the end. You could either ask for a discount if you pay up-front or work out a deal for 12 months, for example. Suppliers might be surprised if you accept their prices right away! So you may as well haggle for a deal that’s beneficial for everyone involved.
Go easy on meetings
Although many bosses love a good meeting in order to keep everyone on track, too many of them can seriously hurt productivity. There’s a lot of proof to suggest that the time before, during, and after meetings is detrimental to employees’ motivation and efficiency. Which means you’re paying people to sit around for a meeting and then recover from a meeting! Try to limit meetings to an essential one every week, or schedule one-to-one meetings where the information can be directed to the right person.
Provide more part-time hours
There are often a few hours in the day when you can probably handle things yourself, which means your employees could work part-time. You save money paying fewer wages and employees get to go home earlier. Of course, this depends on whether the employee(s) want this, but it’s worth a chat to see who would prefer this option. On the same note, consider outsourcing to freelancers if your type of business allows it. Sometimes it’s quicker and far cheaper to get work done by an outsider.
Buy used items
Need to replace some furniture? Go for used or like-new. There’s rarely a need to buy something brand new, especially if you’re trying to save money. Desks, office chairs, cupboards, etc. can all be bought on eBay or even flea markets. If something breaks, you might even want to go by the motto, “When in doubt, go without.” See if you can live without this item, and you won’t have to buy it again!
Those are just a few ways to save money if you’re a small business, but if you get your thinking cap on, you can probably think of even more ways to pinch pennies and help your company stay afloat.
