Read our top ten tips on money saving measures to help mitigate against soaring fuel bills…
It’s always healthy to review business practices and associated costs on a regular basis. During these times of international crisis it’s vital to keep your finger on the financial pulse.
Take care of the pennies and the pounds will look after themselves.
By examining every area of business expenditure in detail it will become apparent where savings can be made. Work through your list of expenditure meticulously. Determine what is essential to business success and what can be cut. We can all be guilty of becoming a little extravagant during times of prosperity – now may be the time to switch some suppliers, cancel subscriptions, and downsize office space.
If you’re struggling to know where to start here are our tips for reducing business costs:
- Supplies. Even paperclips cost. Where are you purchasing your everyday supplies from and are there cheaper alternatives? Take a look at things like tea and coffee supplies, stationery, and even toilet paper (before you hit rock bottom)!
- Energy. We understand that we’re all at mercy of rising fuel costs at the moment, and there isn’t much wiggle room. But it’s still worth checking out alternative suppliers. And are there ways that you can reduce the energy that you’re using in your premises? Some companies will carry out a free energy audit, helping you understand where waste is occurring and advising on efficiencies. Longer term, examine everywhere that you’re using (and losing) fuel with a view to replacing inefficient systems and introducing sustainability measures (think insulation and solar panels, for example).
- Waste not, want not (all the old proverbs are coming out today). Do you have waste products within your production processes? If so, how are you disposing of them – could they be sold on rather than you having to pay to get rid of them (think recycling).
- Premises. We recognise that it’s not generally straightforward to up sticks and move to more economical premises. But this may be a longer-term goal. In the short term, are you using all of your space? If not, could you shut down some of the space to save on energy bills. Are you able to rent out the space to another business?
- Save finance on financials. How much are you paying for paperwork? Think accountancy, insurance and legal fees. As with supplies, are there more economical options that would still leave you properly covered?
- Maximise marketing. Marketing is often cut during times of economic downturn but is particularly vital during tough times. You need to stay relevant and visible. Have you got into the habit of routinely doing the same marketing without actually examining its success or return on investment? If it’s working – great! If not, think about how to fix it. Reducing traditional marketing in favour of more digital marketing may bring greater returns. And get yourself out there – get in front of customers and prospects and offer incentives for referrals.
- Minimise meetings (and other time wasters…). Look at how staff are spending their time. Are there tasks that could be streamlined for greater efficiency. Meetings are a prime example of where time often runs away with us. Stick to a clear agenda and timings – save the chit chat for after hours. Also, consider software that evaluates time usage and work out where processes can be improved.
- Remote working. Most of us are now in the habit of working remotely where necessary and limiting travel, and we appreciate that face-to-face is preferable for many. But video conferencing is a much more economical and environmentally friendly way of working, so consider this as an option wherever possible – it will make those rare face-to-face meetings even more special.
- People Power. Ask your teams if they have suggestions for where to make cost savings. Also, look at job roles – could positions be expanded to make better use of skills and expertise. You may also find that your more expensive employees are spending time on admin tasks that could be outsourced or passed to others in the team.
- Technology. Review your tech. This can cover anything from your computer equipment to telephony, to software cloud services and subscriptions. Spending money on better IT kit may actually save you money in the medium term as tasks are quicker to perform and produce better results. If you haven’t reviewed your telephony for a while you may be surprised at the services now on offer where you could get more for less. And how many software subscriptions have you signed up for, and are they still being used?
At Sparkstone we offer holistic business services ranging from business consulting to enterprise software solutions – everything we do is geared towards business growth and success. If you need help working through your business dilemma’s, we can help you. Contact us today to book your fast-track plan to success.