Member Article

5 Money Saving Tips For Your Business

Need to cut costs? Whether your business needs a root-and-branch review or a little financial pruning, it never hurts to find ways your company can save a little money. Here are five money-saving tips for your business.

Encourage your employees to be financially savvy

Impressing upon your workforce the benefits of saving cash could not only help them add to their savings pots – it could help add to the company’s too. Whether you offer financial advice for employees who need it or organise a workplace investment scheme, it pays to be smart with money at work.

Employees have an appetite for saving too. Research by Wink Bingo shows that most people would choose saving over spending if they were lucky enough to win some money – even if it’s a relatively modest £50. And if your employees are keeping an eye on their wallets, it’s likely they’ll be keeping an eye on their employer’s as well, finding little ways to save the business cash, however small.

Reduce hiring costs

Recruiting for new staff can be time-consuming and a bit of a hassle, and it can be expensive too if you outsource the process to a recruitment firm. If you think you need to recruit, stop and think again. Could you promote from within instead? If you definitely need some additional staff, appoint someone from your team to handle the recruitment process. It’ll likely be much cheaper than hiring an external firm.

Review all your outgoings

Just like we’re encouraged to review our personal outgoings, it’s a good idea to review your company’s too. Whether it’s an online newspaper subscription no-one really uses, a fruit and veg delivery that no-one rates or external IT support that isn’t very good, if it isn’t adding value, cut it out.

Cut your energy bills

Do you have the central heating on all weekend, even when no-one’s in the office? Have computers up and running even if they’re not actually being used? Get smart with your energy use and your bills could come plummeting down.

Research by the Carbon Trust shows that businesses could be wasting a whopping £1.6 billion a year (at least) on energy they could ‘easily’ save through smarter measures – like upgrading heating and lighting, implementing energy-saving policies and investing in staff energy-training.

Offer flexible working

Flexible working is on the rise, and it’s also on the business agenda. Employees today are seeking a better work-life balance and working remotely lets them do that, cutting out their commute and allowing them to spend more time with friends and family. Just as flexible working can save employees money, it can save employers money too. Fewer staff in the office could allow you to significantly reduce overheads. And if your flexible workforce really starts to grow, it could even allow you to move to a smaller office, bringing your rental costs down.

This was posted in Bdaily's Members' News section by Irma Hunkeler .