Running your business can feel overwhelming to stay on top of everything involved in running a business. From business costs to managing employees to working with customers and clients, ensuring everything is running smoothly can be difficult. The following suggestions are here to help you get a checklist of where you could be saving important revenue to help your business in the long run.
Check your water supply
Your water supply is often overlooked when it comes to your business costs. You may be being unfairly charged for usage and not being aware of the overspend. This is why it is important to partner with companies such as Castle Water which can help you be on top of this business cost. By working with an independent water retailer, you can be sure that you have someone fighting on your behalf regarding traditional water network owners and the fees and rules imposed by them.
Assess your business wastage
There may be things on your premises that you are wasting money on without realising. It may be that your business is buying in too many objects that are single-use, such as plastic cups or kitchen rolls. Replacing these items with reusable alternatives such as ceramic mugs and reusable cleaning cloths will save you money overall. Educating your team about these changes will also help them be more aware of their usage, which they may adjust accordingly.
This can also extend to office supplies such as notebooks and post-it notes which could be replaced with a dry erase whiteboard that can be reused. Switching from paper to digital in relation to notes, receipts, and paperwork will save you much money. This option is also among the most environmentally friendly due to the carbon footprint of paper manufacture. Mistakes can be altered more easily online as opposed to wasting paper. Given the pandemic and the digital shift that many businesses have made by going paperless, your customers will already be used to the change. Making this change will be an easy transition, ultimately saving you money due to the less wastage of paper created.
Energy Saving Equipment
By implementing energy-saving equipment into your business, you can help reduce the costs associated with your energy spending. You can do this by installing lights that automatically turn off when no movement is detected in the space or monitors that automatically reduce power usage after periods of inactivity. This will, in turn, reduce your energy bills through reduced energy usage.
A great option to save money is to buy used equipment for your premises. Although buying new equipment makes logical sense in many instances, there will be many used options available at a reduced cost that work just as well. As long as the piece of equipment can get the job done correctly, it should not matter whether it has been bought new or not. The best places to find used equipment for sale would be via Liquidation companies, local business Facebook groups, or eBay. You can also speak to businesses around your area to see if they are selling any equipment or know of anyone similar doing the same.
Hire staff with little work experience but great enthusiasm to learn
By hiring people with less experience, you will save money on salary costs as starting salaries are much lower than for those already experienced with the advertised roles. This is a simple money-saving tactic utilised by many businesses; however, it does not mean that the work produced by less experienced hires will not be of great standards. By giving people a chance early on in their careers, they will be more likely to work harder to produce good work to prove themselves.
Through providing experience and training for this calibre of staff, you can ensure that they are trained to a standard in line with your business. This leaves little room for bad training that could have been picked up in a different workplace. Giving people a chance will also promote loyalty for staff as they train and become better at the job. This will mean that this opportunity will not be forgotten and could be repaid down the line.
A further option is to ensure that you retain the employees you already have, particularly if they are proving to be a valuable asset. The hiring process can be a costly affair that may directly affect your business performance. Tasks may be missed or slowed when employees leave, and new employees start.
Ensure to maintain your employee morale to stop your staff from leaving the business. Given the digital shift accelerated by the pandemic, offering a work from home initiative could be favourable to your staff. The flexible working opportunity will save your staff money on travelling to the office and allow them to balance their home life better.