The constant outgoings of our businesses and office spaces can sometimes feel never ending. It can be difficult to pinpoint the areas where we can cut back and try to save money in our general business expenses. There are many simple ways to reduce your business outgoings however, so continue reading below for ideas on how to tighten the purse strings on your company expenses.
Consider Going Paperless
There is a huge shift of companies moving towards a paperless office environment, as their are many benefits to this transition, financial being one of them. Office costs can be significantly reduced by eradicating the need for printers, scanners, paper and paper and document filing systems.
The benefits of going paperless is not just about reducing costs however it is also a key way to increase the overall efficiency and productivity of your workforce. Staff are are in a much better position to access files, communicate with clients and store documents in one safe and protected system. So if you’re not already considering making your office digitally based it’s definitely recommendable to begin researching this new approach to business management and organisation.
Make Sure Staff Are Being Mindful
Spending time educating your team about the importance of low energy consumption is a good way to begin reducing your energy bills. Making sure staff are always turning off the computer when they leave work at the end of the day or when they are heading out to morning or afternoon meetings can make a significant difference in your electricity bills.
The same applies for all office electronical equipment like photocopiers, fax machines (for those who still have them) and even items like coffee machines and electrical equipment in the kitchen. Being mindful of turning off all electrical equipment when no one is in the office can save your company up to one third of your total annual utility expenses, so it definitely recommendable to get into the routine.
Energy Saving Lighting
Are the lights you’re using in office the old, compact fluorescent kind? If so they could be ramping up your monthly electricity bills unnecessarily. Many homes and offices are now switching to LED lighting as a cheaper and more cost effective lighting solution. Although the initial installation costs a little money, you will enjoy the benefits of reduced electricity bills, long term, as a result. So over time you will start to earn the money back from getting LED light installed.
If you’re concerned about the initial investment, this type of installation warrants up front, why not look into a company like Cashfloat.co.uk who will be able to give you advice about these types of investments and can offer flexible loan options.
Team Expenses
Also look at the expenses of your employees and make sure all individual expense accounts are tight and aren’t being used too frivolously. Make sure all travel trips are absolutely necessary. Having a member of staff looking for top deals on hotels, tradeshow prices and networking event expenses will ensure your staff expenses are ship shape and not causing your company to pay for unnecessarily high costs.
Insurance Policies
Obviously insurance policies are an incredibly important cost for any business. However it can be surprising how much we pay out for insurance policies that are not relevant to our companies. Sometimes we can be paying for specific insurance policies and add-ons that we are never going to need, so these need to be thoroughly reviewed annually to make sure you are not paying out unnecessarily. Do this with someone that really understands how these insurance policies work to make sure you’re not cutting out anything that you are going to need.
Heating & Air Conditioning
This can be a problematic area for business owners as staff can rarely seem to agree on the premium temperature of an office space. It’s really common for staff to fall into a tug of war over the heating and air conditioning of the office which in turn can have a big impact on your electricity bills. Constantly switching the heating up and then down can cause your bills to rocket so make sure you either keep the temperature at a constant rate, to avoid the temptation to keep tampering with it, or give the responsibility of the temperature control to one responsible member of staff who can control the situation
Healthy Staff Healthy Bills
Of course the health of our staff should always be central to our companies but have you ever thought about how keeping our staff healthy can reduce certain costs in your company? Keeping staff fit, healthy and happy can really pay off when it comes to reduced number of sick days, boost in productivity and even the amount you pay on health insurance, if that is something that your company offers.
Take some small steps in ensuring your workforce are healthy, strong and feeling productive. Replace any old vending machines containing junk food and instead offer free fruit in the office every morning. Always make sure there is a constant supply of water in the water cooler. If you don’t have a water cooler, have a specialist test the health of your water to make sure it is ok for drinking and regularly replace any filters you use. Kit the kitchen out with green tea and other healthy alternatives to coffee and perhaps even provide one free healthy lunch on the last friday of the month.
Also see how you can encourage your staff to be a little more active with group activities and events that might be happening in your local area, or even organised by your company. This is not only a great way to keep staff healthy and strong it’s also a great way to boost employee morale and have them feeling that they are working for a company that is invested in their happiness and wellbeing. Happy and healthy staff are motivated and committed staff so little details like this can have an impact on productivity and therefore company profits, meaning you are in a healthier position to reduce concern about the finer details of your business expenses.
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