Every business owner can use a few extra shekels to save for a rainy day, allocate for that special project you have been wanting to start, or simply go on that little getaway that never seems to come around. Here are 5 ways you can cut costs in your business, and start feeding your piggy bank.
1. Go green
Go green for the planet, and you may also save green for yourself. Becoming environmentally-conscious will not only save you money, but it will also give your company a chance to make a difference in the world (trust us, everything counts.)
Digitize and save the trees
Keep information in digital format whenever possible, be it Dropbox, Cloud Storage, etc., and always be sure to back up. This measure not only helps you save resources, but also ensures that in case of disaster, your files are not lost and you save hours of manpower in recovery time. Print only information that really needs to be printed, and review information on screen instead of in ink. Reuse misprints for notes and doodles, and recycle boxes for shipping. You’ll save on filing supplies, paper, and ink cartridges. Also, consider using cloud space to store information that more than one person may access to enable remote work, and yes, to save even more trees.
Get on energy-saving mode
Edit your computers’ settings to energy-saving, and turn them off before leaving the office. Create a shared habit of turning lights off when not in use – some “lights out!” signs could help as reminders. Use compact fluorescent lightbulbs. There are many more ideas on energy-saving you may not have even thought about.
Decrease wastefulness by increasing consciousness
Get your team on board with saving supplies. Have employees bring their own mugs instead of using disposable paper cups for coffee and water. Encourage communication between peers and departments via email instead of paper letters. Sow the seeds of green culture in the office, and you will reap the fruits of frugality and good karma.
Keeping your employees happy and excited about your company increases the retention rate, which in turn saves you the time and money required by the hiring and training process. Meet your team’s needs as they meet yours – valuable employees are worth it.
3. Unite and conquer
Team up with other businesses to throw events, get local advertisement, or create networking functions where you offer one another exposure to potential clientele. Joining a local chamber of commerce or national association for your field can also prove financially beneficial; for a small fee (or sometimes free of charge) such organizations often offer free business education, member discounts, and networking opportunities
4. Shop around and trim around
This simple principle can save you thousands (even tens of thousands) of dollars every month. From office supplies to maintenance services, find 3 or 4 sources and get the best deal. Pick up your supplies if they come from a local vendor and you find yourself close by to save on shipping costs. Find free online forms to use instead of spending time or money creating new ones. Also consider bartering your products or services.
5.Get insurance smart
Don’t simply go with the first insurance company you come into contact with – shop around for the best deal. Local or national trade associations may help you find the best option for your field. And when you find that option, be sure to get disaster recovery insurance. In case of an unexpected mishap you won’t be left back in square one, but rather able to recover and continue operating.
Identifying the risks associated with your industry and geographic location is key in disaster prevention and recovery. Develop a plan within your company comprising life safety, property protection, communication, and community outreach for business continuation. We know it all sounds like a mouthful – fortunately, there are government and online resources available to help you create a course of action in case misfortune were to strike. You can move forward in the future by looking ahead in the present.