Whether you're a veteran business owner or still growing through your start-up phase, every small to medium business owner will want to save money on monthly expenses. That almost goes without saying!
When it comes to your monthly bills and day-to-day operations, it will vastly depend upon what you do when considering how you can save. The tips that would work for a local coffee shop will differ from that of an online digital marketing firm.
However, we've compiled four tips to help any business save money and cut down on those monthly expenses. Let's delve!
Take Control Of Your Electrical Devices
Energy bills are a constant drain on the month-to-month capital you'll have available, which is true in all settings - not just commercial. As such, ensuring you have control over just how much energy your business uses is a great way to try and cut down costs.
While implementing small-scale energy-saving measures may seem inconsequential in the short term, it can begin to add up over the long term. You could save hundreds over a year by implementing small changes to your day-to-day life.
Firstly, make sure only essential devices are left turned on overnight. That's things like freezers, fridges, and security systems such as CCTV or alarms. Only devices vital to your business's safety and safe operation should be left on. Things like desktop computers, laptops, lights and other appliances such as televisions, microwaves, cookers and so on should be switched off.
You should also look at your energy tariff and see if there are savings by switching to another supplier. There are plenty of comparison websites that can help with this, such as USwitch or GoCompare.
Make Sure You Are On The Right Water Tariff
This tip ties in nicely with our previous tip but is equally important. Even if you think your business doesn't use a lot of water, it most likely will, and you won't realise it. For example, the average office worker consumes around 50 litres of water daily. Even if you run a relatively small office, that's still potentially a few hundred litres of water usage in a single day.
But this number will be leagues higher if you run a restaurant, bar, cafe, or just about any hospitality-based business. Ensuring you have the right tariff for your water usage and the right trade effluent licence for wastewater disposal can save you money.
You can also implement water-saving techniques to ensure you get the absolute most out of the water you use. Some good examples for any business could be installing toilet tanks to reduce water used per flush or installing a more accurate water reader to get a better idea of how much your business is using and when.
Water metres are great at catching hidden leaks that could be draining your money reserves (literally).
Consistently Re-Evaluate Suppliers
If you stock or sell any product as a part of your business model, then re-evaluating where you choose to stock your products can be an effective way to cut costs. You'll know that the business world is all about making the most money possible while spending the least amount possible, and this is true for suppliers.
Re-evaluating how you source your products every few months is a good way to keep tabs on the market and any new competitors that are challenging the status quo in the supply chain.
That being said, there are other considerations to account for, such as sustainability and how environmentally friendly a supplier is - but keeping your ear to the ground for new suppliers is always a good idea.
Even if a product you stock is a few pence cheaper per unit, that can add significant savings in the long run if you sell many units.
Go With Cloud Storage
This is a useful tip for any business, as every business will need documentation. Going for cloud storage options instead of hard storage options such as paper documents or hard drive disks is a great way to save money on purchasing these hard copy storage options - but it helps your business become more environmentally friendly overall.
The less paper that's used means more trees! But more importantly, cloud storage also gives you a cost-effective way to keep your important information stored safely (as well as securely) in a central location.
Need to view an invoice from last month, but you're on the train home? Cloud storage gives you remote access via mobile devices that you trust. It's efficient, and it can save you money!
When it comes to business, saving money is paramount to continued success. We've only covered a few tips to begin you down your money-saving journey - there are plenty of other options out there!