Saving money? We’re all trying to do it with our personal funds.
For business owners and their finance directors, the aim extends beyond their personal savings, though. As a business owner, you’re under pressure to keep annual overheads down while making purchases that are in the best interest of your business—such as to maintain high employee morale, keep your business competitive, and ultimately, grow in size and profit.
So here are our 4 tactics you should be using, if you’re not already, to minimise expenses in your workplace.
Like all businesses, yours probably has certain processes that you’ve been meaning to automate. When you invest in technology to automate the repetitive, mind-numbing tasks that humans loathe, you see boosts in productivity, reliability, availability (you can leave a computer to work through a process overnight—you can’t with an employee), and usually speed of performance.
A great example of this is HR software. Great HR software lets you automate all kinds of processes, such as:
- Tracking absence and lateness.
- Storing employee documents in a secure cloud location.
- Monitoring clock-in and out times.
By outsourcing your HR department, you can cut back on wages and save money to begin investing in other areas of your business.
Other processes you could automate in your business include documentation, invoicing, bookkeeping, and letters. And these processes lead us to our next tactic.
You should think about transforming your office into a paperless operation where possible.
You’ll instantly start saving money that you’d otherwise spend on reams of paper and printer ink cartridges—the latter of which are very expensive. You won’t need to worry about printer or shredder reparation/replacement costs anymore, either.
And! It’ll help the planet. We all want to help the planet.
In addition, a paperless office means you can dispense with those enormous filing cabinets that you keep leaving your brew on top of—yep, those ones. Now go wash those cups out, if you please.
By embracing technology and digital documents, and uploading your business into secure cloud storage, such as Dropbox, Google Drive, etc., you can be sure that nobody is going to lose important pieces of paper on their way to a meeting or beneath a hundred other sheets.
A paperless operation can be quicker, too—if you need a client, customer, or new recruit to sign and return important documents, try emailing them instead of posting—there’s even less chance of these documents getting lost (as long as you have the correct email address).
Store equipment centrally, and take regular inventories
Bought 500 pens and can’t find even one? You’re not alone.
Get to grips with all of the office supplies your business needs: pens, notepads (but remember, you said paperless), staples, paper clips, scissors, rulers, sticky notes, calendars, and anything else.
If you’re going to buy, buy in bulk, then store in a central storeroom, and entrust someone with the keys to said storeroom.
At the end of each business day, turn off all devices that are a drain on your business’s electricity bill—computers, kettles, vending machines, printers, copiers, fax machines, air conditioners, and lights.
Let’s focus on lighting a little more. You should make the switch to energy efficient bulbs. They last longer and use up less energy—meaning more saved money. You could even invest in motion sensor switches for your lights in certain rooms, such as bathrooms.
Make a list of the collateral units that probably need to stay plugged-in overnight, such as fridges and any in-house servers, but switch off everything else.
While you’re at it, review your energy bills and compare other prices—you might find that switching energy provider is one quick way of saving a few coins each month.
What are the benefits of cutting expenses?
There’s no easy answer to this question, but if your business is prepared to become less wasteful by reducing energy and paper use, you have an opportunity for some positive PR with local press and on social media.
Whatever you choose to save money on, you should set realistic saving goals with the aim of investing that money into your business. You could invest in:
- More advertising and lead generation.
- New equipment or technology.
- High wages or bonuses for your staff.
- More recruitment in roles that promise business growth.
Now it’s up to you to identify where you’re overspending, and to start cutting costs. Within a few months, your business and your employees will feel the benefits of your new shrewd financial strategy.