By Carol Trehearn
COVID has put a lot of strain on businesses, and unfortunately, many have had to reduce their employee count and look for ways to cut costs and save money. However, knowing where to save money and how to keep your business afloat during such trying times and unusual circumstances can be problematic and stressful for many business owners. And with the coronavirus continuing to apply pressure on businesses, employers will have to continue playing it safe and ensuring their money can cover for any sudden disturbances in their industry.
For those who are looking to save their business money, we’ve compiled a handy guide.
Look Over Advertising Costs
Advertising and marketing your business are costly endeavors, and sometimes the payoff can be lackluster. As a business, you should be reviewing all advertising methods on a regular basis, but this should be heightened when you are trying to save your business money.
Finding marketing methods that suit your business is the best way to ensure that you are spending the right amount of money on advertising. For instance, if you have a website and the majority of your customers are online and global, then you should focus on the likes of Search Engine Optimization (SEO) and Pay-Per-Click (PPC) marketing. These methods would be much better suited than traditional marketing methods such as radio or TV advertisements.
You’ll also need to make sure you hold regular audits so that you can maximize any marketing campaigns, but also highlight any holes or issues that are currently present. Audits can pinpoint where a social media campaign may be falling short but also recognize whether your business is missing a key marketing opportunity. For instance, if you are a clothing store without an Instagram page, then you are missing a crucial marketing opportunity that can expand your reach and make your brand much more visible.
Reduce the Number of Meetings
While meetings can be necessary, they are not always needed and sometimes managers and team leaders can depend on them too much. Remember, the time spent on meetings cannot be reclaimed. Your employees are not expected to work through their lunch break or work late, so if a meeting overruns or doesn’t hold value, that time is lost.
Make sure all employees understand the value of meetings and that they are to only be held when absolutely necessary. Nowadays, a quick email can be enough to provide employees with company updates, and if an employee needs further clarification, they can come speak to you in your office, for example. Of course, you may wish to hold a monthly check-in so that there is a sense of company culture and working as team. But this meeting should still be run efficiently.
There are many guides online to help team leaders run efficient meetings. If you think they would benefit from such training, then this can be a worthy investment and use of company time and money.
Downsize Your Office
Company culture and having a well-running and comfortable office can build morale and productivity, but overcompensating and having an office space that is too large for your business is a wasteful business expense. Whether you are looking to downsize because your office is too large and costly or you are looking for your first ever office, remember that bigger doesn’t necessarily mean better. While you will want to have enough space for your employees, enough bathrooms, a rest area and a kitchen (and parking, if needed), that doesn’t mean your office needs to rival Google’s offices.
Downsizing can help you save money on not only rental costs, but also energy bills as it takes less energy to power the building.
Compare Gas, Electricity and Water Rates
The cost of running an office can be high, which is why all business owners should be scoping for the best utility costs within their area. By doing so, they could end up saving a lot of money while also finding a more helpful and reliable provider. The best way to compare gas, electricity and water rates is by heading to a comparison website, much like utilitybidder.co.uk. Using sites like these, you can find a quote in minutes, showing you whether there are any better deals available to you.
Consider Remote Working
Remote working has been the new normal for many employers and employees for some time now, and while there are definitely many difficulties associated with remote working, there are also many positives. Remote working can be seen as a cheaper option because you save on commuting costs, but also building costs. For the days when the office is empty, you will be using less energy. This means you will have a smaller energy bill to pay for.
Buy Supplies in Bulk
Thinking ahead and buying vital office supplies in bulk can help save you money as many stores will typically have discounts in place for businesses who buy a specific amount of product from them. For instance, if your office uses a lot of notepads and pens, you can calculate when the supplies would run low and will need restocking. Many suppliers will offer your business discounts to ensure you return time and time again as this is in both of your company’s best interests.
If your supplier is not offering you their services at a discounted price, don’t be shy to ask for one. If you promise them that you will be a repeat customer, then they are likely to strike a deal with you. However, if you are using a new supplier, then be prepared for them to turn down your offer until you have built a strong business relationship with them.
No matter how or where you cut costs, make sure you are not removing any necessities. For example, reducing your marketing costs should not have a negative impact on your marketing campaigns as this will only harm the integrity of your business. Rather, any costs you cut should not make your business’s or employee’s lives harder.