Feb 21, 2019
Business expenses quickly add up and it tends to be those little spends here and there that have the biggest impact. The economy is always uncertain so it’s important to make savings now so that your business does not suffer in the future. There’s no need to make drastic changes all at once, implement small changes like reducing supply expenses to begin with.
Reduce supply expenses
Spending a fortune on office supplies is easily done. Pens go missing, paper runs out, and box files get filled up quickly. One way to cut these costs is to go paperless. By keeping documents digital you will save so much money and will help the environment too. To reduce your amount of paper, set up file-sharing software, scanners and cloud storage.
For other office supplies like storage boxes, envelopes and stamps, buying in bulk is the best way to make great savings. Office suppliers like Ryman regularly have incredible discount codes for when you by several items. You can also save a lot of money using our vouchers at Viking which is the one-stop online shop for office supplies.
Re-think your marketing strategy
Marketing is usually one of the largest business expenditures. If you’re spending too much on traditional marketing it may be time to re-think your strategy. Cut down on TV and newspaper ads and increase your social media use.
People spend more time on the internet than watching TV and reading magazines so it makes sense to make the online move. Make use of sites like Twitter, Facebook and Instagram to drive traffic to your website and generate sales. These sites are great for reaching large audiences so will help you make great profits in the long-run.
Lower financial expenditures
Before you make any changes, take a look at your insurance policies and financial accounts to see where you could save money. To cut costs on insurance, compare providers for the most competitive rate and then see if your current insurance provider can match it.
It’s also vital that you don’t take unnecessary debt as this can harm your business costs greatly. Having too much debt may affect your company rating, interest rates and your ability to borrow money in the future.
Use time effectively
Using time effectively will lower your cost of doing business. Wasting time is wasting money. Make sure you minimise distractions for your employees, for example, no loud music or logging into personal social media accounts. It’s also a good idea to offer incentives in meetings for those who are exceeding. Doing this will see work productivity soar.
How many times have people showed up to meetings late? There’s always one that’s late. Make sure to schedule a block of time for meetings and make it clear that you expect everyone to be on time. If everyone’s on time then the meeting will be over quicker and you can get back to business sooner.
By taking these tips on board, you could make some huge savings to help your business flourish. Make sure to check out our business deals and voucher codes regularly to help you save even more.