If money's tight, don't sacrifice quality of work. Take these tips.
One of the challenges of running a business is ensuring that you keep your expenditures in check. By being frugal and making smart decisions about the kinds of products you use, the workplace environment you maintain, and the efficacy of your processes, you can ensure that the lights stay on and your employees stay happy.
Below are just a few ways to help you maximize your business’ savings.
As morale-boosting as monthly lunches, drinks, or events might be, it’s guaranteed that your employees would rather have their basic benefits than keep the bonus perks. Of course, the extras are always appreciated, and if you have the funds available then keep that up. Your staff will no doubt appreciate the added incentives.
But when money is getting tight, your employees will be much more thankful that you took their livelihoods into consideration and cut team breakfasts than if you had to be more aggressive with cutting resources.
Hiring new employees the traditional way can be extremely expensive – from the time it takes to post a job to interviewing, hiring and onboarding a new employee. Then there are the tasks that come with determining their salary, benefits, and allocating space in your office.
If you’re looking to keep costs low, consider maintaining a small and efficient employee base and using freelance and independent contractors for single projects. You can outsource many different tasks such as content marketing and accounting, which can be done remotely by other qualified professionals.
For more on outsourcing tips, check out the 4 Tasks You Can Outsource Today.
Telecommuting isn’t possible for every business, or even for every employee, but when it is it can be a huge boon to your business. By keeping things virtual (or largely so) you can save on office space and the ongoing operating costs that come with it, and focus on producing work at a minimum overhead.
Bonus: recent studies show that workers who telecommute are 35-40% more productive!
Keep your meetings lean
If your employees are sitting in a meeting rather than producing work or getting new clients, you’re losing money. Most businesses can’t eliminate meetings altogether, but by limiting the people who are required to participate in meetings you can ensure that your employees’ time is well-spent.
Cut down on maintenance
If your office doesn’t regularly have visitors coming through, consider cutting back on the number of times your cleaning service comes by. You can drastically cut down on costs by reviewing ongoing maintenance costs and cutting back wherever possible. Employees can take out their own trash and cleaning services can come by weekly (or bi-weekly) instead of daily, which allows you to save money without cutting services out entirely.
Use open-source software
Before you spend hundreds (or thousands) on software purchases and updates, look into free and cheap open source alternatives. From accounting, spam filtering, backup, and data tools, there are countless options available if you spend the time searching for them. Reading articles, checking out reviews, and investing a small amount of time researching can save you a significant amount of money down the line.
Do you have any favourite tips for cutting costs in your business? Tell us in the comments!