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7 ways to save your business money
What are the best ways for your business to save money? It’s a common question among SMEs owners the world over. The good news is there are plenty of little tricks and tactics that can shave thousands off your annual overheads.
Here are seven such techniques to keep in mind, some of which are even completely free to implement.
1. Take advantage of free software
This option has only become available over the last decade, but there’s plenty of free software SMEs can take advantage of.
This can range from project management software such as Trello, to free messaging software like Slack.
But you can also try out free trials to mix and match your software. For example, if you want to know your SEO standing then you can try the likes of Moz for a month at no expense. Or you can give Screaming Frog a go, which lets you crawl 500 pages of your site for free.
You can even try software such as Canva, which offers free web design material for your social media accounts, website, and press releases.
2. Consider HR software
If you can’t run an entire HR department (most small businesses can’t), then you can consider the cost-effective alternatives.
You can use HR software to store employee records amongst many other options.
And what are the benefits? Well, it can almost always reduce your business costs. It cuts back on administrative costs for a start. As you’re relying on technology, it also reduces the number of HR staff members you would normally have to hire.
Industry standard is to have one HR professional for every 100 employees. And HR software works to dramatically decrease that amount.
All whilst ensuring you have less paperwork in your business, along with streamlined and automated tracking and analysing data.
3. Go green
An environmentally-friendly approach can save a lot of money. There are some major steps you can take with this approach, but minor little touches can also make a difference.
You may want to:
- Switch to double-pane windows. During the winter months, this can keep the warm arm in and save on your heating.
- Use energy saving lightbulbs. A simple touch that can go a long way.
- Have tight seals on your windows to minimise the loss of warm air from your office.
- Turn off non-essential lights and appliances.
- Enforce a “computers off” policy at the end of each day.
You can also compare business energy prices to find the best deal for you. You’ll receive a bespoke, free quote that’ll help you start saving immediately.
4. Go paperless
Is it possible to have a paperless office? A decade ago it may have been a lofty dream, but thanks to cloud computing it’s turning into a reality.
Again, HR software will help you reduce the amount of filing you have to do.
Going printer-free is another option here. If you stop printing out emails, documents, and reports then you can save an enormous amount of money on ink cartridges each year.
Forbes article 5 Steps To A (Nearly) Paperless Office is an informative read if you want to take this option seriously.
5. Develop a work from home policy
Offering telecommuting to employees is a way to cut down on your office space, reduce electricity costs, and boost staff morale.
It’s easier than ever to keep in touch with staff, so it’s well worth employing if you have staff members who can work from home.
6. Hire freelancers
Another essential part of cost cutting is recognising when you do, and don’t, need to hire a staff member.
It’s important to remember not every project requires a new hire. Recruitment is costly enough, but then you have permanent wages to consider.
Freelance sites like Upwork offer you talented workers from around the world for one off projects. If you find someone who’s particularly effective, you can keep referring back to them as well.
And the bonus, of course, is the cost. One single payment for a project and that’s it.
7. Hire apprentices and graduates
If you’re looking to hire, then aim for talented young employees. Although graduates won’t have the experience of older talent, they’ll often make up for it in enthusiasm.
As it’s the start of their careers, they also won’t need higher wages. You can salary benchmark a good starting wage for them and then reap the rewards as they develop their skill set.