A frugal approach to business finances is a must these days. Costs for many companies remain high, and competition among rival operators can be intense.
If you’re looking to trim wastage and turn your firm into a lean, mean money-making machine, take a look at these simple yet effective suggestions.
Be savvy when it comes to your supplies
Supplies are the lifeblood of any enterprise. However, all too often businesses shell out more than they need to when replenishing their resources. If you want to reduce your levels of expenditure, it could be time to reassess your approach to ordering supplies. First and foremost, be sure to shop around. For example, if you’re after wholesale clothing, look for a provider that can offer you quality garments at competitive prices.
If appropriate, buy in bulk to save money. However, make sure you don’t shell out on items you don’t need. When ordering items like office supplies, ask your employees what they actually require rather than simply guessing, and make sure you keep accurate and up-to-date inventories to help you make timely purchasing decisions.
Also, encourage your staff members to use resources efficiently. For example, make them aware of the problems associated with needless printing. You might be surprised by how much money you can save if you manage your supplies more effectively.
Reap the rewards of flexible working
A rising number of people are working flexibly, and the benefits for businesses can be marked. By allowing your staff members to work outside the office, you can free up desk space and make do with smaller premises. This can be an effective way to cut your overheads.
Resist the lure of posh postcodes
Sticking on the theme of business premises, don’t be tempted to set up shop in the most expensive areas. Having a posh postcode may reflect well on your brand, but it could also leave you out of pocket. If your finances are stretched, it’s best to stick to areas where it’s possible to benefit from lower business rates and rent. This can help to ease financial pressures.
Make the most of social media marketing
The costs of traditional marketing, from radio and newspaper ads to direct mail, can quickly mount up. In contrast, advertising via social media is inexpensive – and it can be highly effective. If it’s not already doing so, make sure your firm is taking full advantage of this internet marketing phenomenon. Sites like Facebook and Twitter represent a great way to reach out to customers and to build your brand profile without splashing much cash. To increase your exposure, it may be worth offering prizes to those who share or like your content.
Cut your energy costs
Everyone seems to be talking about going green, and it’s not hard to see why. As well as enhancing your firm’s image and reducing harm to the planet, cutting your carbon footprint can save you cold, hard cash. Simple measures like swapping standard incandescent bulbs in your premises for LEDs or CFLs and replacing old, energy-hungry printers, pumps and other devices for newer, more efficient models can help to lower your bills.
Also, think about minimising business travel. For example, rather than physically attending meetings held many miles away, you can use videoconferencing equipment.
By following advice like this, you should be able to trim your business costs and help ensure your enterprise operates as efficiently as possible.