5 Ways Businesses Can Effectively Save Money

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Any business in any industry will always be keen to keep costs to a minimum but, considering the current economic climate, this desire is now more pronounced than ever. Whilst there are many things which are out of a business’s control, there are also a great many which they do have power over and addressing these can help to save money.

1. Reduce Unnecessary Travel

Many businesses rely upon communication and field research which requires employees to travel around the country. This can be costly, however. Consider cutting down the distances and frequency with which your employees travel.

Video conferencing is becoming a popular way for businesses to communicate with one another – why not give try this as an alternative to travelling across the country for short meetings?

2. Look In To Lowering Insurance Premiums

Business insurance can be expensive but there are a number of things you might be able to do to keep premiums down. Whether it is carrying out your own risk assessment or even taking out more insurance, you might be surprised at the factors which decide your premium.

3. Find The Best Energy Supplier For You

Perhaps the simplest thing a business can do to save money is to search for a new energy supplier. Doing so is not only a question of finding the right prices, but also about landing a tariff which suits your needs.

Most businesses operate during the same times each day. You might be able to secure a deal with an energy company based upon usage of power at peak times – which usually coincide with office working hours or you could use a comparison site find a cheaper business electricity rate so you pay less per kilowatt you use.

This way, you will be able to ensure that you are paying a price which better reflects the amount of fuel your business uses.

4. Cut Down On Unnecessary Energy Usage

Once you have secured the best deal for the energy that your business receives, it is time to address your usage. This is something which is best done as a team.

Have everyone in your office assess the way that they use energy and brainstorm ways in which they might be able to reduce this. Even simple acts such as making sure computers are never left on stand-by can significantly reduce the amount of energy you use, and therefore the amount of money you spend on energy bills.

The best way to get staff on board with this is to speak to them about the environmental impact that your business has. Keeping your energy usage down is not only about saving money, but about the effect your company has on the world.

5. Avoid Big Expenses

Spending time together outside of the office is important to any team but doing so needn’t be a costly affair. Think of cheaper alternatives to traditional social gatherings and to ensure that your workers get the fusion they need without impacting your finances.

Set yourself a clear budget for outings and try and stick to a rough schedule, such as one outing a month, to keep the costs in check.

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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

2 Comments

    • This is true. I got hired for a job a year ago and I never stepped foot into the building!


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