Whether you are running your first business and still learning or you are well established and set in your ways, there are lots of things you can do to cut back on business costs. You will have probably already have thought about outsourcing some of your work requirements and may have already reduced labour costs to get the most productivity.
But have you thought about cutting your stationery costs down? Have you considered switching your energy provider? What about leasing out your boardroom? All of these ideas are well worth considering, especially if you are having trouble with cash flow.
When you are so focused on making sure that your business is succeeding, sometimes it is the most basic of things that end up costing more than it should.
Here’s what you can do.
Reorganize Your Stationery
There is a good reason that all documents intended for clients should be printed on decent paper - it looks more professional and it shows that they are valued. But your staff can certainly make do with cheaper stuff and you should encourage reusing paper that has only been printed on one side.
You might also like to take a look at your other regular orders and see whether you can cut costs on things like envelopes, pens and other miscellaneous items. Ordering in bulk is often a good idea and you can find things like cheap checks on the internet at a lower cost than in stores.
Switching Your Energy Provider
If you are working in a rented office, this may not be an option for you, but if you own your building, it is always worth seeing whether you can find a cheaper energy tariff and switching your account. It is easy to allow your provider to continue your account, even after a preferential introductory offer has elapsed. Conducting an energy audit may also show where you can make simple changes and save on your bills. Things like energy saving light bulbs and more efficient a/c units can make a surprisingly big difference to costs.
If you own your building, another way you could cut energy costs in the long term could be adding solar panels and producing your own electricity. This does come with a large upfront cost, but if your business is stable and you have an opportunity to invest, making your office greener could save you money.
Leasing Your Boardroom
Your boardroom is a great asset and if it isn’t in constant use, you could use it to make some extra money. Rather than paying for a space that you aren’t using, why not let other people hold meetings in there?
All you need to do is place a small ad on your website, or even use a social ad to spread the word and then make sure that you have a timetable so that slots aren’t double booked. You will still get priority and it is your choice who you allow in and when, but this could be the extra cash injection you need.
Shutterstock / By Wright Studio