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How Small Businesses Can Save Money

Energy Efficiency

Conduct an energy audit to determine if the lighting and interior climate control are operating efficiently. A walk through of the office or plant will reveal unnecessarily lit areas. If storage areas and restrooms are not being used, lighting is unnecessary. Light sensors illuminate an area with motion detection.

Interior climate control is essential to keeping employees comfortable and productive. A change of a few degrees for heating or cooling impacts monthly utility costs. Automatic thermostats offer flexibility in cooling and heating a building even when it’s not occupied. Office copiers, computers, and monitors consume a lot of energy. Turning off the non-essential office and plant equipment during the day and night reduces energy consumption.

Assess Phone Services

With many local and landline phone options to choose from, an audit can reveal the benefits and shortcomings of your current phone system. Many telecommunication companies offer firms “bundles” which include landlines, cell phone service, and internet service. Bundles offer firms cost reductions instead of ordering individual services.

Landlines offer clear voice communication. Cell phone service offers mobility in and out of the office. Internet service provides firms with options for productivity and capacity. High-speed internet and unlimited storage capacity are unnecessary for all firms. An employee survey of phone and internet usage habits can help select the best system for the organization.

High Productivity with Low Salaries

A firm’s success results from the quality and productivity of its employees. Many upper-level positions require professional and skilled individuals. They can fill Middle and entry positions with interns and non-degree personnel. Seeking talent through colleges and vocational schools brings fresh ideas, innovation, and talent usually at a lower starting wage too.

Consider short term and long term employment contracts for talented individuals. Outsourcing repetitive tasks as employee benefits and payroll processing will reduce expenditures. It reduces employee salaries, the need for health and life insurance and office space.

Used Equipment is Just as Good

Whether it’s office machines, furniture, industrial shelving or capital equipment, firms can find comparable performing used items at very low prices. Computers and software are an exception, as productivity and operational performance depend on specific software. Previously used equipment and furniture will perform just and new items.

While an office supply mega store is down the street, ordering pens, copy paper, staplers, and other items online are cheaper. Not every employee needs a single office or work cubicle. Employees can share and cubicle space, which reduces the need for additional office furniture.

Advertising versus Social Media

Relying solely on traditional advertising to promote and market businesses is long gone, however retractable banners still seem to be working pretty well for small local businesses. Social media is the new darling for brand recognition. It allows a small firm to advertise its brand as well as the internet, print, television and radio media. Firms have different target markets with many demographics.

Firms use Facebook, Instagram, LinkedIn and the hundreds of other social media sites to tell their message. Social media is creative, adjustable, and can offer instantaneous consumer exchanges and feedback. More individuals view social media with internet access than print, banners or television advertising. It engages consumers to talk about your products in real-time. While social media seems ideal, it’s not the solution for every business.

Negotiate with Vendors

Reexamine all near and long term vendor contracts you negotiated. The business environment is competitive. There might be a new vendor who provides similar services. you were unaware of when you negotiated the current contract. Renegotiating contracts with firms wanting to maintain you will reduce monthly operating costs. Consider eliminating a janitorial service and having employees keep the office clean and sanitary.

Explore Telecommuting

It’s not for every business, but telecommuting offers considerable cost savings. With telecommuting, employers don’t have to provide office space, computer, and monitor office furniture or an internet connection. The work at home employee supplies all necessary items at no expense to the employer. Individual or group meetings for telecommuting employees and their bosses occurs with teleconference providers.

There are many ways to reduce necessary and non-essential operating expenses. Close examination of current expenditures and their need will yield some surprising results!




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