As any business can tell you, every penny counts when running a successful company. You have to be careful about where your funds go, how regularly they get used and whether or not certain products or services are a necessity. It takes a little knowhow and strategic planning to keep the ball rolling at an even pace, giving you more time and money to invest back into the things that make you a profit. Here we take a look at some of the things you should assess when cutting costs in the office, as well as a few handy hints and tips.
Your first port of call will always be costs that are considered somewhat of a luxury. Many businesses provide tea and coffee for employees and visitors; you may even provide a wide range of choice to suit all palettes. You should try out a few different brands to figure out which one tastes the best according to the team. Chances are there’s a brand out there that costs half the price but has double the flavour. Stationary is also something you can save money on, especially if you bulk buy. This is handy if you have the space for all the items, and some shops are willing to give you a small business discount if not a first time buyer’s discount.
Industry Related Deals
Depending on what type of company you are you will undoubtedly need specialised programs and hardware to help ease certain processes. That said, there are a number of services that many businesses have in common too such as task management software and timekeeping tools. You should always trial and error a handful of providers as no one provider will work best for all companies, and may not provide you with everything you require. Equipment can also make a large dent in your wallet especially if you need high end computers and devices. You can buy most expensive items on a finance scheme which tends to work best.
If you’re a particularly active company then you’ll regularly be up and down the country meeting up with potential and current clients. This lends itself to a lot of travel costs including trains, buses or petrol. As far as trains go you should book your tickets as far in advance as you can to save you the most money, and the same could be said for any accommodation you may need. If however you happen to drive it may be more cost effective to drive to your meeting. You also need to consider any parking costs, so remember to look around for the cheapest spots. Additionally, you should make sure you don’t spend too much cash on lunches and newspapers.
Bills & Rent
One of the most important costs you’ll face is the price for you to rent your space. You need to find a space that works well for what you need it for, but at the same time you don’t want to break the bank. Search the local area to see if you can find a good deal on a spacious office. It’s especially handy if your office has utilities included in the rent, although if they don’t go hand in hand you can easily get a good deal on things like water, electric, phone lines and internet. Many providers actively seek out businesses to offer them exclusive deals, but be wary of the small print as you may end up paying more down the line.
For more inspiration on cost cutting in the office and to find out where else you can save your pennies, check out the rest of our blog posts which are full of handy tips.