Tricks to Help Your Company Save Money This Quarter

Monday, June 13, 2016, 6:00 PM | Leave Comment

Saving money is a high priority for most managers and business owners these days. Fortunately, by evaluating how you run your business, onboard new employees, conserve energy, and make smart decisions, you really can save a good deal of money.

Use a few of these tips and evaluate your own processes to see what you can change in your company.

Tricks to Help Your Company Save Money This Quarter

  • Turn It Off/Reduce Energy Consumption

    Leaving lights, appliances, and computers running when no one is using them is costly. You may be able to save about 25 percent on your electric bill by instructing employees to shut off their lights and turn off computers at the end of the day.

    In addition, evaluate, and remove unnecessary lighting. Consider putting outdoor lighting and restroom lighting on motion detectors to reduce electric costs.

    Think about replacing antiquated desktop computers, as they wear out, with energy conserving laptops. With just a few energy saving tricks you can put some savings back into your bills.

  • Industrial Space versus Commercial

    Often, new entrepreneurs are so anxious to get their businesses up and running, they may be overpaying for costly retail space that is not necessarily needed.

    Re-evaluate your business needs to determine whether less expensive commercial space would do just as well for your business operations.

  • Reduce Human Resource Costs

    Onboarding new employees and maintaining records is a costly and time consuming human resource function that can be streamlined by using the latest technology.

    BambooHR can replace old cumbersome systems with automated tracking and employee information systems which can save companies time, money and resources.

    It’s an ideal online solution that’s affordable, secure, and helps to reduce the time spent managing human resource functions for small to mid-sized businesses.

  • Reassess Business Insurance

    Taking the time to review your current business insurance policy and making a few changes could pay off with handsome savings.

    • Bundle insurance policies. If you bundle your business owner’s policy with your commercial auto policy, you’re likely to reduce costs.

    • Paying premiums in full once a year usually saves money.

    • Improving your credit score by paying bills on time can help to reduce rates.

    • Increasing deductibles helps to reduce premiums.

    • Adding safety equipment, fire alarms, and a security system usually qualifies for discounts.

  • Cutting Advertising Costs

    Advertising costs are part of doing business, but there is a good chance you could save here with a few simple changes.

    For example, talk to other small businesses about pooling your resources to advertise together. You’ll both benefit from one advertisement and save money too.

    Don’t overlook free resources like social media sites like Twitter and Facebook that are free to use. They are a great way to advertise your products and services, brand name, and help customers all while establishing a good online presence.

  • Changing With Technology

    It may be worthwhile to consider some technology changes that may cost less and work just as efficiently, if not better than what you’re currently using.

    Consider checking into cloud computing, which provides software, collaboration services, security, disaster recovery, and reduces the need for you to buy, rent, or maintain your own servers.

  • Reexamine Staffing Needs

    As businesses grow and change, you may need to reexamine the number of employees you need, whether they’re working full or part time, or if additional changes could benefit production and reduce overhead costs.

    For instance, bringing college interns on board that work for college credit could significantly reduce employee costs. You might also consider whether a great deal of your work could be handled by freelancers online. You’ll save on benefits, office equipment, and floor space.

  • Networking

    Joining the chamber of commerce and various associations within your industry is a wonderful way to network. You may learn invaluable tips for running your business, saving money, or how to cut production costs.

Learning where you can cut costs or save money begins when you reevaluate processes, question methods, and take action with new ideas.

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