The costs associated with running a business seems to increase annually. As we are rapidly approaching 2021, without fail you will see everything getting more and more expensive. Rent, employee costs, travel expenses, all of it will likely increase.
We have put together five simple ways in which you may be able to save a few dollars and keep your business in the black.
There are many benefits to going paperless and they will all save you a lot of time and money. Invest in software that allows everyone to e-sign documents, this can be utilized with suppliers, customers, and internally between departments. Avoid printing out handouts that employees are likely not reading anyways, especially the ones that you already sent via email. I have seen employees walk into a meeting with a printed agenda from their email, only to receive another copy by the presenter. Big fat waste of time and money!
Utilities – Shop Around For Deals
For those of you that know me well, you know that I struggle with the major utility brands out there. These days these utility providers completely take advantage of the fact that many of their existing customers will automatically renew contracts with them and they show zero brand loyalty. Fortunately, if you are willing to put in a little bit of work to find the best utility provider for your business, you can gain massive rewards. In a large amount of cases, new customers often get the best deals, with promotional packages, free additional services, etc. It is definitely worth shopping around to see what is best for your business.
With the Covid-19 pandemic ongoing, travel for business is going to be significantly reduced giving way to virtual conferences, meetings, etc. However, when travel is safe there are a few tips to save some money. Book in advance, we all know the further you can book in advance, the better deal you get. Credit cards are a great way to save some money, on certain cards (I am a loyal AMEX guy) you can collect point on your purchases and these can be converted to pay for your next flight. If you do not have a credit card that allows this type of activity, I highly suggest spending a few minutes researching an appropriate card that suits you, and in some cases you get bonus points for switching over and transferring your balance.
Shared office spaces can work on both a small and large scale. Smaller businesses may be able to save significant money by sharing an office with other small business. Large organizations may be able to save by sharing a floor of a large building with another organization. There are also some businesses that may like to utilize co-working spaces such as with a Regus or WeWork office. These spaces are generally relaxed, allowing flexibility to move around to another part of the city, or region if your business for whatever reason needs to shift.
Another creative way to save some money with your office space is to generate some money. I have a client that has a very high tech and very beautifully decorated conference room that can seat 50, yes 50! They will rent the space out to organizations, even in some cases providing coffee and pastries, or even lunches. It is a great and simple way to generate some income to offset the cost of their office space.
This can not only save you a good chunk of change but it can also be a way to add some character to an otherwise typical office type environment. As an example, invest in some pre-owned, pre-loved office furniture. Focus on the fit, form and function making sure that it works with your needs and you can save quite a bit on your decorating budget.
For other ways your business can save on expenses, contact us at MCDA CCG and let us help you prepare your 2021 budget and identify key areas for savings.