5 ways to save a little money while making big business

Cutting costs is a common concern for many businesses. Therefore, if you run a business, your thoughts might well have drifted in the same direction – especially if it’s a small business that looks especially vulnerable to economic fluctuations in the wider market.

However, you need to be strategic about where exactly you trim your outgoings. Otherwise, you could end up inadvertently curbing your workforce’s efficiency. The “little and often” approach tends to work especially well, so here are some ways of putting it into action.

Make your work practices more eco-conscious

Our poor planet is often crying out for us to look after it a little better. Fortunately, acting on that request is kind not just to the planet but to your bank balance, too. There are plenty of simple ways to do it, too – like switching to LED bulbs and turning down your thermostat by one or two degrees.

Since your business probably relies heavily on computers, servers and various other devices, switch them to green settings and remind your staff to turn the devices off at the end of each workday.

Hire flexible, freelance and temporary staff

If a particularly ambitious contract comes your way, consider hiring extra staff for it only temporarily, perhaps on a freelance basis. That way, you can avoid over-spending on a rosy-looking future that doesn’t quite end up arriving. However, even permanent staff can be flexible.

For example, through letting employees work remotely, you can rein in the amount of office space required, says TechRadar. Staff based in another country could even get to work as you sleep!

Don’t rush to frequently upgrade equipment

Yes, your workforce probably uses a lot of it – including computers, smartphones and so on. However, spending big money on the latest device takes a large chunk out of your net income. Besides, your existing equipment might work just fine for your current needs.

Inc. contributor Erik Sherman insists that a PC can stay functional for 5 to 7 years, while even a smartphone can remain perfectly practical for longer than advertising could lead you to think.

Investigate whether certain work processes could be updated

Yes, it’s the processes, not the equipment your staff use to carry them out, that probably warrant updating. You might not even be making the best use of that equipment; The Telegraph¬†deems manual, paper-based working inefficient, expensive and time-draining.

Meanwhile, you might be clinging to legacy software that could be updated more cheaply than you realise. The cost savings from using the update mean it could easily pay for itself over time.

Share office space with other companies

If it feels like your business is paying through the nose for rent, you could consider shifting to an office building that your company shares with others. By taking up a serviced office space from BE Offices, you can enjoy further benefits, including daily fresh fruit and onsite gyms and showers. There’s obviously much to be gained from a workforce that keeps itself fit and healthy!