Saving money in your business is the only logical way to run a company. Ensuring that you are not wasting money in your day to day business transactions is vital to your bottom line. No matter how frugal you think you are, there are always ways in which you can save money. Making your profits larger is not as hard as you might think. All you need to do is make a few small changes to your business, and you will find that you have more money and more time. Here are twelve amazing ways to save money in your business.
1. Sell your advice to other businesses
If you have been in business for plenty of years, you no doubt have a wide and varied skill set. People will pay a lot of money for your advice. When business people are starting out in the world, advice is everything to them. If you have some insider secrets to share, don’t give them away for free. Run classes or talks for young entrepreneurs where you can teach people about your skills.
2. Hire temporary employees
Hiring full-time employees means that if your staff members become lazy, you have few options. Deciding to hire temporary employees could save you a lot of time and money. When staff members know that they are on a temporary contract, they are always eager to impress. That in itself means that people won’t get lazy. If they do, you don’t have any obligation to renew their contract. That means that you can always have the best staff on board.
3. Buy adaptable furniture
Office furniture is likely one of your biggest expenses. Instead of buying many different items of furniture, get adaptable furniture. Adaptable furniture is a great way to save money as you can use the same piece of furniture in many different areas of your office. Invest in a perspex nest of tables that gives you three tables for the price of one. That means that you will have a range of table sizes to use throughout your office.
4. Cut out the paper in your office
Paper waste is bad for the environment and bad for your bank balance. Rather than using paper for your communications and work, go online. Taking the majority of your work online will help to save you loads of money and will mean that you are also eco-friendly.
5. Do your taxes
Often business owners pay accountants a lot of money to do their taxes. Taxes are not as difficult as you might think. Don’t bother paying someone to do the work for you. Instead, do the taxes yourself at home. There are many guides online that can take you through the entire process. Set aside a couple of days to do your taxes. Getting your head around the numbers may prove tricky to begin with, but you will soon get the hang of it.
6. Get a virtual assistant
If you need some vital help in your business, don’t hire a personal assistant. Instead, look online and hire a virtual assistant. A virtual assistant can do everything that a personal assistant can do. Anyone can be a virtual assistant. You can find ads for assistants on freelancing websites if you need to do so. Remember, never give too many of your personal details to people online.
7. Reduce your energy bills
Cutting down on your energy usage will save you money, whilst helping to save the planet. Make sure that you avoid using more energy than you need. Switch to energy efficient light bulbs as this will save you money straight away. You should also make a point of switching all the electronics off when you leave the office. Many business owners fail to remember to switch things off. You could save an extra 20% on your energy bills by doing so. Making your office more energy efficient will save you loads of money, and you could even get some rewards from the local council.
8. Outsource ad hoc work
If you need a one-off job doing, outsource this workload. Doing so will allow you to pay just one fee for the work. One of the major mistakes that all business owners make is over-hiring staff. You may think that each staff member is vital. Keeping staff numbers down is a simple way to save yourself money.
9. Negotiate with suppliers
When buying business equipment and materials, you should always negotiate on pricing. Often people don’t like to haggle with their suppliers because they think that doing so will lose them business. In the business world, you have to be ready to negotiate. If your current supplier can’t offer you a discount, there is likely someone out there who can.
10. Hire interns within your office
Hiring interns in your office is a great way to save the business money. Experience is everything, and so there are many young people who are willing to work for free. That means that you could get some free labor. Make sure that you nurture young people when they work in your office. They are there to gain experience, not to be your servant.
11. Reward your customers
You will lose a great deal of money should your customers decide to take their business elsewhere. The best way that you can avoid this issue is by rewarding your current customers. Remember, your customers are your business. Without them, you have nothing. Give them rewards, such as discounts and bonuses, so that you can ensure they stay with you.
12. Give graduates a chance
When hiring staff, many bosses look for experience. You could find that an inexperienced graduate is much cheaper to hire than someone with experience. There is nothing to say that an experienced person will do a better job than a graduate. By giving someone who is new to the industry a chance, you will be giving them the first step in their career. Young graduates are eager to impress and will want to work hard. Moreover, they will want to develop within your company. Often older employees are set in their ways and don’t adapt well to new offices. A recent graduate will be ready to learn right away.