10 Simple Ways to Save Money by Increasing Business Productivity
Improving productivity and expenditure may not be as difficult as you think. Whether you run a small business or corporate empire there are always ways to cut your running costs and get more out of your workforce. These 10 tips could get you on the right track if you need some fresh ideas.
Get an Accountant
Depending on your income and the type of business you run, you might be able to reduce your tax payouts by hiring an accountant to manage your finances. Accountants aren’t cheap, but they will ensure that your business only pays what is necessary.
Cut your Bills
Reducing your number of employees will initially lead to lower outgoings; however, productivity among your workforce may also be negatively affected as your remaining employees will have to take on more work. Small changes like swapping from paper to electronic alternatives will reduce expenditure without forcing you to take such drastic action.
One of the most effective ways to reduce outgoings is to outsource work to freelancers in other countries. Some companies specialize in organizing visas so you can make an informed personal choice when deciding where to outsource.
Expensive doesn’t always mean best. Crowdsourcing websites provide a way for amateur artists and designers to link with small business owners and share their talents. Logo design, advert design, — literally anything – can be bought very cheaply, and you’ll be helping future designers begin their careers.
Reducing your carbon footprint will have positive effects on your accounts in the long run as the running costs of appliances will be greatly reduced. Look for office equipment with an A rating; use printers that require less ink; and reduce the amount of paper you use with digital alternatives.
Converting company vehicles to run off LPG rather than petrol/diesel will also significantly reduce fuels costs. On average, LPG costs over 80 pence less per litre than other fuel sources. Studies show that reducing energy costs by just 35% is the equivalent to a 5% increase in sales.
Combat Employee Theft
82% of UK workers have admitted stealing from their employers. Even if employees only take something small, over time it could equate to a lot of money. CCTV is not the most effective way to prevent the problem as monitoring can hinder productivity. Consider putting strict codes of conduct in place and remind employees of these rules through formal seminars and courses.
Cheap marketing opportunities can arise from local events. Sponsoring an amateur football team, for example, can result in considerable returns. People like companies that give something back to the local community and will reward your business for such activities.
Use Social Networks
Large companies will generally use social networks as a form of cheap advertising. Smaller companies can use these services for recruitment and customer communication. Recruitment firms promise to find the best employees, but their services are often costly and may not be the most efficient way of finding new talent.
A clean office leads to clean minds. Purchasing compacting bags, such as those offered by Skyman Sacks, can reduce waste and create a more spacious working environment. If possible, try to limit your carbon footprint by buying different bags for different forms of waste. In today’s business world going green is relatively important; not just because offices account for 25% of environmental waste, but because many customers make a conscious effort to support green ventures.
Invest in Uniforms
It may not seem likely a likely candidate for saving money, but staff uniforms can make individuals feel like part of a team, all working toward the same goal. Staff uniforms also make employees feel more accountable for their actions and work. Learn more about how uniforms can cut overall business costs here.