Business & Finance

Easy Ways to Save on Your Monthly Business Costs

Easy Ways to Save on Your Monthly Business Costs
January 29th, 2016
Author: Economic Voice Staff

Anyone who has experience running a business will know that costs quickly pile up.

And, with a whole new pile of envelopes containing bills and invoices landing on your desk each month, it’s easy to soon become overwhelmed by the amount you’re spending to keep your business running smoothly. However, many business owners are paying far more than they actually need to when it comes to monthly expenditures such as rent, energy bills, and telecommunications. Here’s how you can cut your basic monthly business bills and save more money to use for the growth and development of your company.

Co-Working Offices

If you’re renting a private office space which is only used by your company, you might want to consider downsizing to a co-working solution where a building is shared by more than one company. Not only is this often a cheaper option, it’s also a great way to get the word out about your business and network with other business professionals close to you.

Office (PD)

Work from Home

If you find that the majority of your work can be done from home and you don’t really need an office space, moving your business to a home office can create a hefty reduction in cost. Hiring telecommute staff can be done from home, or if you employ staff to work for you, allowing them to work from home as well if possible can be an excellent solution all round for everybody. If you’d like a more professional appearance for meetings and conferences etc., there are many offices available which you can rent for a fraction of the price if you only use them from time to time.

Cut Energy Usage

A large number of businesses are spending unnecessary money on their energy bills each month without even realizing it. If you don’t follow strict energy saving strategies in your office, it’s easier than you think to use up unnecessary energy, adding to your monthly bills as a result. Save money by ensuring that all windows are doors are closed whenever possible if the heating or cooling system is on, using energy saving lightbulbs, and switching to laptops rather than desktop PC’s wherever possible. Any electrical appliances or desktop PC’s should always be switched off when not in use. You can also save money on your energy bill by switching to a cheaper tariff for business energy rates.  Check out this resource for more information.

Buy Supplies in Bulk

If you find that you are spending a lot of money each month on office supplies, buying enough in bulk to last you for a longer period of time could actually work out cheaper. When buying office supplies, it’s a good idea to keep an inventory so that you know exactly what needs to be ordered, rather than simply buying the same supplies each month even though there may be a higher demand for some and less need for others. Getting employees to keep track of the items they use is a good way to do this.

How do you save on your monthly business costs? Let us know in the comments.

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