Running a business isn’t just a one-way trip to making money. There are a lot of costs that pile up, sometimes in unexpected places. Before long, you might find that those costs are getting far too cumbersome and start looking to make cuts. However, often there’s no need to go quite so drastic and scary as looking at your staff. There are a lot of ways to cut costs down in the workplace. Each step might only save you a little but adding them up can make a big difference.
Track every penny
The first thing you should be doing is knowing where every penny you spend is going. Not cost should be entirely negligible. You might not like the idea of being such a stringent boss, but it can top yourself from making the big, hard decisions down the line. Learn how to track your cashflow process and be prepared to notice how your costs go up and down.
Cut those energy costs
Being more energy conservative in the office can save you a lot of money in the long run. Pay attention to how much lighting you use and how often it’s on. An energy audit can be a short term cost but dramatically decrease the amount you’re paying on your annual energy. When away from desks, use the hibernation features on computers and laptops. Little by little, these savings can make a big impact.
Update your hardware
The biggest savings you’re likely to get when it comes to bills are the costs of running the big pieces of hardware. For most office spaces, this means air conditioning units and heating systems. Replacements from Actron Air are more likely to be a lot more efficient than older systems. It’s the same with heaters, but insulation can often help these just as much as replacements.
Pay invoices early
If your business relies on the services of other companies and pays by invoice, there is often a lot of benefit to paying early. In fact, to ensure prompt payment, a lot of businesses will give percentage discounts on payment if you take the initiative and pay early. It might not be a lot in most cases, but as we keep stressing, it all adds up.
Sub-let that unneeded space
Do you have more office space than you have need of? Even if you’re not providing power to these parts of your office, you’re still paying rent and getting nothing in return. Change all that by finding small businesses that can use that space. Sub-letting is a great way to mitigate the costs of rent. Just make sure your businesses are compatible so you don’t get in one another’s way.
Paper storage is going to cost you in a lot of ways. You have the paper itself to consider. The printer, toner and ink to print it. Then all that filing space you’ll need to store it all. You might find it impossible to go completely paperless, but taking steps to get more and more digital can save you a lot of money. Just make sure you have a system to backup everything.
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE