Running a business can be a surprisingly expensive game, especially in today’s modern world with the cost of resources, rent and manpower rising like never before. Spending too much money to run your business can certainly become an issue, as breaking even (or worse, losing money) can stop your brand growth and potentially even lead you into downsizing.
Fortunately, this handy guide aims to help you cut the cost of running your business in 2023. You’ll uncover a whole host of different tips and tricks that you can utilize to save money without forfeiting high standards, so what are you waiting for? Read on to discover more now!
Make The Most Of Remote Working
Remote working can be an excellent way for you to save money, as you’ll be saving masses of cash on various different outgoings that you would have otherwise had to cover with an in-house team. When you consider the fact that you have to shell out for property rental, furniture, and electricity to keep the lights and internet running, this can add up dramatically over time. Instead, when you choose to make the most of remote working, your staff will be using their own resources instead. The most you’ll have to offer them is a laptop or other similar device that they can use to complete their work, but your financial responsibility would stop there! Although remote working can be an excellent money saver, it does have its disadvantages when pursued in totality. So, it’s a good idea to look into working hybrid – this way, you can rent desks whenever necessary (think important meetings, etc) to access a face to face connection.
Use Less Electricity
Another effective step that you can follow to save money while running your business this year is to use less electricity. The chances are that your business eats through masses of energy every day, and it may actually be for no good reason. Unfortunately, so called ‘vampire devices’ exist around the globe, and are no doubt present in your company. Vampire devices such electricity even when they are not in use, meaning you’re paying above and beyond for nothing of any use! Removing such devices from your business or as a bare minimum unplugging them at the wall when not in use. You can also make the most of motion sense lighting, as accidentally leaving your lights on through the night can rack up ginormous bills for power you don’t even utilize. There are also lots of other eco options that you can explore to use less electricity and cut the cost of running your business, so take a look online to find out more.
Find Different Suppliers
If your business utilizes a number of different suppliers for products, services and materials, then you could be saving thousands each year by simply shopping around. Finding alternative suppliers for your business can be a challenge if you have to access a niche material, but the chances are that there will be at least 2 main competing teams that would fight for your contract. You can get a quote from one supplier and take it to another, to see whether they would be willing to ‘price match’ – many suppliers will match the cost of another supplier if you present them with an authentic quote, so this is definitely something worse considering to access cheaper supplies without forfeiting quality. Take some time to shop around and search several platforms and resources to uncover as many options as you can, including the internet, trade magazines and more.
Reduce The Size Of Your Team
How many members of staff does your business currently retain? The chances are, one of your biggest outgoings is staff wages, so reducing the size of your team can certainly help you to cut the cost of staying afloat. It’s never fun to let staff go, especially if you’ve been working together for some time, but it’s a necessity if you’re struggling to keep your doors open. Firing just one employee could save you $50k+ each year when you consider salary, insurance, benefits and other associated costs. This would make a huge impact on your end of year expenses, and it could be the difference between breaking even and making a profit. Of course it would be ideal if you have a near-redundant member of staff that serves no real purpose, as this would be your first option to let go. However, this is unlikely. Instead, you need to find a department that can be outsourced – outsourcing can save you masses of cash while still ensuring you get the services and support you require to thrive. For example, letting your IT department go could save you a hefty sum (especially when you consider tech costs). You can easily outsource IT support from a reputable provider instead, costing as little as a third of your previous department.
Recycle Rather Than Creating Waste
Last but by no means least, it’s an excellent idea to consider recycling rather than creating waste to help cut the cost of running your business. Waste management can be a big problem for businesses big and small, as the average person would be amazed at the sheer volume of trash a normal company makes each week. Rather than paying a waste management team to take your trash and incinerate or dump it, you can actually get paid to recycle it instead. If you have any plastics, paper, wood, cardboard, glass or other recyclable materials, then the chances are you can find a recycling company who will be more than willing to buy this waste from you. It can be reused and repurposed in so many ways, keeping trash heaps empty and incinerators switched off. Let your waste make money!
Cutting the cost of running a business has never been so simple when you can take the time to utilize some of these excellent ideas. You’ll be in the clear in no time at all with the tips and tricks detailed above, so get out there and transform your accounts today!
