Running a business is expensive. In order to maximize profits, you need to minimize costs wherever possible. There are a number of ways to lower costs you might not have considered. Here are 7 unexpected ways to save your business money.
1. Turn computers off at night
Many employees will leave the office for the day with their computer still running. They may do this to save time in the morning, or they may simply forget to turn it off when they leave. Eventually, the computers will go into sleep mode. While computers use less energy while in sleep mode, they’re still using some energy. When you leave a large number of computers on in sleep mode every night, the energy costs add up. Encourage all employees to completely shut their computers down at the end of the day.
2. Properly insulate the building
We design buildings to help protect us from the harsh weather outside. However, sometimes, the outside air gets inside. Help prevent this by insulating your business properly. Install additional insulation in the walls as well as the ceiling. You should also look for any leaks or holes. The doors and windows are especially vulnerable, so use weather-stripping to close any holes. You can also install new doors and windows developed to help keep the building insulated. There may be a small cost up front, but you’ll see the difference in utility bill savings. You can look to an insulation supplier such asKnauf Insulation to learn more.
3. Regulate the temperature
Most offices aren’t open 24 hours. When you close, it’s a good idea to change the temperature. Use an automated thermometer to make it even easier on yourself. You can preset it, so you don’t even have to do anything. The temperature will change at the time you determine and then change back in the morning. If you do have a 24-hour office, do not change the temperature. Your late-night staff deserves to be comfortable, too.
4. Go paperless
There are a lot of paper costs for a company. You have to buy paper, printer ink, machines, and repairs/maintenance on those machines. If you can make changes to go paperless, you will see a reduction in all of these expenses.
5. Closely examine your vendors
Many businesses get accustomed to their monthly expenses without thinking about it too much. However, you should take time to analyze your costs and see where you can save. Try talking to your vendors and renegotiating the terms of your agreement to get a lower cost. Many will agree to do this for loyal customers. If that’s not possible, look into alternative options to see where you can save money. It’s important not to reduce quality, especially when it comes to your product. Make changes carefully.
6. Reduce Labor Costs
One of the largest expenses for any company is the amount of money put into labor. You need to keep employees happy, and that means giving them enough hours to survive. However, you can find other ways to reduce costs. There may be certain departments that can be converted to a freelance position. You also may be able to eliminate certain positions all together. While not ideal and not something you want to do.
7. Increase social media and word of mouth advertising
Advertising on television, radio, and billboards can get extremely expensive. It can also be quite difficult to measure effectiveness. Luckily, we are more connected today than ever before. You can use the free resources available to you, such as social media, to do the marketing yourself. It is inexpensive, but you’ll have to do a lot more work. Create interesting content, post it on all of your social media accounts, and interact with your customers and potential customers.
You can also use more word of mouth marketing. Be sure to have employees encourage happy customers to tell their friends about your company. You can also wear merchandise to represent yourself and answer questions when you’re out and about.
When you save money by using these tips, you’ll be able to use that money to enhance your business and make even more money. You can also choose to spend the savings on your employees who make your dream a reality.