Simple Ways To Reduce Your Business Expenses

Don’t pay over the odds on your business expenses. There are ways to reduce costs, and we have some tips for you right here. Have a look and apply them to your business.

Save money on your business equipment

Instead of buying something you aren’t going to use regularly, consider renting instead. No matter what kind of equipment you need, be that a forklift for hire or a piece of machinery, you can still benefit from the latest equipment but without the one-off expense. Alternatively, speak to any friends you have in business, and borrow equipment from them on a short-term basis. You should also consider leasing, spreading the cost of the equipment over a number of months instead of one huge payment at the beginning. This way, you will also get the technical support you need should you experience any problems with the equipment you have leased.

Save money on your energy bills

The biggest bill faced by most businesses is electricity. But it’s possible to make savings by doing what you would do at home, such as using a price comparison service to find a cheaper provider and forming good habits, such as unplugging pieces of equipment that are not in use. It’s also worth hiring an energy consultant to help you manage this area of your business. They will show you where savings can be made and will advise you on ways to reduce your carbon footprint. Save money and the world – what’s not to love?

Save money on your office supplies

Office supplies, such as pens and paper clips, are often seen as minor expenses, but those costs still add up. To save money, buy in bulk from your supplier to secure a sizeable discount. Alternatively, switch suppliers if you can find better discounts elsewhere. Remember too that a paper clip is just a paper clip,  no matter what brand you go for, so always go for the cheapest make you can find. And be sure to keep an eye on your employees. According to this survey, office supply theft is common. Taking a post-it note for something outside of work duties may not seem like much of an offense, but if this happens on a regular basis, it will eat into your profits. Have a word with your team and create strict rules about the use of your office supplies

Save money on your business software

There are all kinds of software tools available that will make running your business easier. However, you don’t need to pay for expensive programs when there are cheaper or free alternatives. Google Hangouts is a free way to collaborate with your team; MailChimp has both free and paid tools to help you with your business marketing; and Trello is an affordable way to plan and organise many aspects of your business. Why pay big bucks on more expensive tools when these low-cost options are just as effective?

Start saving money in your business today with the advice we have given you. Then put your savings into your cash reserves for those times when you will need that money the most. Let us know too if you have found other ways to save money within your business.


* This post has been written by an outside source for Morning Business Chat