No matter the size of the business you run, small expenses and costs can soon rack up and eat into your monthly budget, as well as have a huge impact on cash flow. To keep costs down and to run an efficient operation, here are 5 simple things you can do to help your company save money this year.
One of the best ways to save money in your business is by becoming more eco-friendly. No matter what kind of space your company is using, the more energy-efficient it is, the lower your utility costs will be. There are several things you can do, such as purchasing LED light bulbs, investing in energy efficient appliances, as well as turning off standby appliances before the working day is done. Your employees can also jump on board in your mission to make your business greener.
Change Energy Supplier
If you’ve noticed an increase in energy consumption, it may be time to change supplier. No one wants to pay a fortune in energy bills at the end of the month, especially when running a business, so using comparison sites like Utility Bidder can help you find the best deal. With so many providers on the market, it can be hard to know who to opt for, so it’s best to conduct research, especially as you may save up to 45% on your energy bill.
Reduce Paper Consumption
With 2020 now in full swing, more and more businesses are making use of technology. Instead of relying on printers and fax machines to get messages across, reducing your paper consumption can be another good way to save money. Reducing paper consumption will mean lower storage costs, fewer paper purchases, and most importantly, greater efficiency.
Opt for Social Media Advertising
When it comes to marketing and promoting your business, rather than fighting for newspaper spreads and billboards, social media can be your best friend. Paying out a ton of money using traditional marketing methods can eat into your budget, so using social media platforms like Facebook can be an inexpensive way to spread brand awareness. Creating a business page on Facebook and reaching out to consumers can not only save you time but money too. Once your Facebook business page is ready, you can connect a Messenger chatbot to it and send personalized marketing campaigns to your subscribers as well as use it for customer support.
Buy Used Furniture and Office Equipment
If you’re about to launch a business and are looking for space or the equipment and furniture you already have is not up to scratch, why not buy second hand instead? There are lots of platforms that you can use such as eBay to purchase used office equipment and furniture. Not only will they be at a fraction of their original price, but many items are as good as new. Small businesses in particular won’t have a huge pot of money, so cutting corners and going second hand is always beneficial.
Cash flow remains one of the major challenges that affect the growth of a small business. Saving cash can be hard, especially if you don’t have an emergency fund behind you. To keep on track, all the tips listed above can help your business save money in 2020.