10 Great Money Saving Tips For Businesses

Saving money and cutting down on unnecessary expenditure is important for all businesses, large or small. In the current economic climate companies are looking for ways to cut down on wastage and to remove any needless expenses. This process starts with the very smallest of cuts, which can add up over time and eventually represent a significant amount of money. If you run a business, or are in control of the office’s spending, here are ten pieces of advice that could help you to save money. Even when the economy improves, they represent good practice that will help to keep your office as efficient and streamlined as it needs to be.

1. Review your insurance coverage.

Too often, once insurance is obtained it is forgotten about. It is possible that you are paying for at least one aspect of the coverage that you don’t need, or isn’t worth the expense. Alternatively, you may be able to find the same coverage for less from another supplier.

2. Are you getting the most out of your advertising spend?

You may get the same results much cheaper by sharing advertising costs with other relevant businesses. Make sure you are in touch with the local business community, or join a trade association, to make connections with potential marketing partners.

3. How much are spending on mail? The cost of postage can be significant.

Think carefully about how much mail you send out, and if it is a medium to large amount, you will likely save money by using a franking machine. A first class letter is 21% cheaper to frank than using a stamp, and for a second class letter it is 34%.

4. Send less mail, if possible.

If you are doing a marketing mail out, see if you can add the promotional material to other essential items of mail like invoices. Also, make sure your mailing list is up to date and relevant. There’s no point sending mail to clients who are no longer there, or aren’t interested.

5. Think about your energy bills.

Make sure you are not spending money on electricity or gas for rooms that are not being used. Turn off the lights and heaters, wherever possible.

6. You can also save energy by changing the technology.

Laptop computers use approximately 90% less energy than standard desktop computers. Are there any members of staff who could do their jobs with a laptop instead?

7. If you have a kitchen area in the office, think about the energy efficiency of the appliances.

White goods use a lot of energy. A new A+ rated fridge is much more efficient. Does your office definitely need a freezer?

8. Print less, use black and white.

Cut down on the number of printers in your office, and make sure that they are only used when it is absolutely essential. The costs of paper and ink can add up – for this reason, it is also a good idea to encourage your staff to set their printers to greyscale by default.

9. Instead of travelling to meetings, use internet video conferencing whenever possible.

Even if you are going to a meeting across town, is it really worth the expense of travelling?

10. Review your company’s phone usage.

This is a considerable expense for most offices. Find out if you are really getting the best deal; it may be cheaper for you to switch to an internet-based service.