When you see businesses all around you struggling with the current increase in the cost of everything, you may want to start tightening your belt before your business starts to wobble. You can consider doing many things that can help save money on the running costs of your business. There are often lots of little ways you can reduce your monthly expenditure and help save money to keep your business stable. Below are a few options you can consider for your company that may help you save money without reducing your service.
Downsize Your Offices
The lockdowns of 2020 showed many businesses that employees can thrive while working from home and increase their productivity levels. If possible, for your business, you can consider downsizing your offices and having more people work from home. Doing this will help reduce your rental cost, business rates, and the cost of utilities, and it can help minimise expenditure by reducing the consumables your business buys monthly.
Look For Deals Shopping
Although it is not glamorous, you can also save money by shopping around for the various things your business uses every month, such as:
- Bleach
- Toilet Paper
- Tea & Coffee
- Polish
- Mops
- Cleaning Cloths
- Office Supplies
Many companies get complacent and choose the easiest option when using suppliers for the office basics, but you can save money by shopping around. You can find which suppliers offer the best prices on the products you purchase monthly and compare the delivery charges to see which is best. You may not be able to make massive savings on your monthly costs, but look after the pennies, and the pounds look after themselves.
Lease Your Company Vehicles
Although when your company owns a vehicle, it is classed as an asset, it depreciates in value so quickly that it is often not worth the investment. You can usually find that it is much more cost-effective for your business if you lease a Ford Transit Custom Sport rather than buy it. When you look at each vehicle’s monthly running costs, including service, repairs, and depreciation, leasing the vehicles makes much more sense than buying. You can often save a decent amount of money by leasing your vehicle when you add it up over a year, so it is worth considering.
Ask If Employees Are Willing To Reduce Hours
You may have some employees that do not want to retire but would like to reduce the number of hours they work. You can save a significant amount of money from your payroll when you have people willing to do this. To some, it is a welcome option, especially when they have lots of things to deal with in their lives outside of work. However, you must do this legally and ensure you do not infringe the rights of your employee, or it can cost you a lot of money when you get taken to an employment tribunal. A reputable employment law specialist can draft up a contract for you that adhere to the law and is fair for both parties.
