Money-saving tips and techniques for businesses
Money can be saved on almost all aspects of a company if enough thought and consideration is given to it, so what better than to put the plans into action?
In small businesses especially, thousands of pounds could be saved every single year with just a few small changes – and what’s more, they only require a tiny bit of effort.
Beyond using comparison sites to measure energy bills and other costs such as broadband or telephone bills, there are plenty of other options to cut the costs.
Many companies can fight off the threat of liquidation by saving costs where it matters most, while continuing to trade following a full restructuring could be an alternative option.
Staff costs
The staff wage bill will take up a good portion of the company expenses and the beginning of the year is often a common time to consider staff levels.
When times are hard it can mean having to let staff go, while resisting the urge to replace those that leave too quickly is also recommended.
Alternatively, if the company is enjoying a period of success, it might consider hiring staff which will further increase the wage structure.
In such cases, having your own employees do the headhunting could potentially save money on the recruitment process.
At the same time, if the number of lower-skilled workers can be kept as low as possible, it is possible to recruit for certain positions as and when required and on a temporary basis.
Power saving
Energy costs can represent a significant outlay for many businesses, both large and small, so finding ways to reduce usage will also reduce costs accordingly.
Many people think about their energy use at home but give it little thought in the workplace, and that is one factor that requires change.
Encouraging employees to be energy-conscious could see savings, and it might only be as a result of flicking a switch to turn off lighting or appliances when not in use.
A similar principle applies to heating in the workplace, by controlling it when it is in use, and in areas where staff are located.
After all, there is no need to heat a room or the building as a whole if there is nobody there to use it.
Get others to chase debts
Failure to receive money that is owed can put companies in a dubious financial decision, as staff must waste time chasing payments while charges can exist as a result of dipping into overdraft facilities.
This can also impact on a credit rating, so it can help to get an external company in to chase those who owe money.
It means businesses can focus on expanding and developing opportunities, rather than wasting time dealing with existing clients regarding overdue payments.
By Phil Smith