Negosentro| 5 Creative Ways Your Company Can Save Money |Managing finances for a business can be difficult. You never know when a bump in the economy will impact your bottom line in new and surprising ways, so it’s important to prepare the best you can in advance.
One of the ways you can keep the company’s bank account happy is to cut expenses in your daily operations. You may have to get creative and make some difficult choices, but saving money is absolutely doable, and here’s how you can start.
1. Environmental Impact
Luckily for the Earth, many of the ways your business can save money will also help save the environment. Using less paper will help save the trees, and promoting energy efficiency will lower your energy bills. You should also consider commercial solar installation for a better, more affordable energy source with low maintenance costs. If you buy huge packs of bottled water, maybe try a nice pitcher with a filter instead. If you’re managing several servers, consider moving to a cloud-based system.
Plus, sustainability is a huge selling point for clients and customers who are looking to be more mindful about where they spend their money. If sustainability is important to them, they may choose you over a competitor.
If you’re not happy with the prices you’re paying, try negotiating. If you rent, speak with your landlord or leasing company about lower prices. If they aren’t willing to compromise, maybe it’s time to relocate. You can buy items in bulk or negotiate the prices of specific materials. Many phone and internet providers would rather offer you a discount or access to special promotions than lose you as a customer.
If you need some work done that requires outside help, consider bartering instead of cash. For example, maybe your design team can help with art in another company’s marketing department in exchange for advice on an ad campaign.
Not every business adapts well to the telecommute model, but it’s still worth considering. Even if you can’t forgo the office completely, try giving employees the option to telecommute one or two days of the week.
If the employee isn’t in the office, they aren’t using office resources. If the entire office works from home one day a week, that’s one day a week no one is using electricity or the copy machine. Some positions may be able to work completely from home, meaning you don’t need the space for the extra desks when it’s time for your company to grow. Plus, there are all sorts of benefits from telecommuting for your workers.
They may be better able to focus while enjoying better balance and flexibility where their personal lives are concerned.
4. Creative Marketing
If more modern marketing techniques are proving to be expensive and not as effective for your business, it may be time to consider cheaper, more unique methods. If your product is often used or consumed with other items, you may want to consider a marketing partnership. If you provide a service that often requires a certain product, a partnership with that product’s company could result in more work for you.
Send personalized notes to clients, or have a costumed sign flipper out on the street corner. Some of the oldest techniques still result in more customers.
5. Evaluate Your budget
Evaluate your company’s budget on a regular basis. As costs shift and profits fluctuate, you may see more opportunities for savings arise. This regular check up may also highlight areas you’re still spending way too much money on. Plus, you’ll be able to see the impact of all your efforts to cut back.
You may not find one area to cut that leaves you with a sudden surplus of cash, but small cutbacks here and there can make a huge difference. With the right motivation and outlook, you can further streamline your company’s processes and cut back on spending at the same time, making your office environment a healthier and happier place to work.