Every business will have outgoings and business costs, which are often reasonable expenses that you should factor into your monthly budgeting for an effective business model operation. But what if you can start cutting these costs and begin saving?
There are various ways to save on monthly business expenses, and how much you can save (and on what) will be determined by what sector your business operates within. A restaurant, for example, can cut down on business water costs more than a stereotypical office space.
In today’s article, we will go over four great ways your business can save money on its monthly expenses.
Be More Sustainable With Water Usage
This is one of those tips that can, in essence, apply to any business workplace. Every business will use water in one form or another, but some will use more than others. Adopting water sustainability goals and cutting down on water usage as much as possible is a great way to save that often gets overlooked.
This can be as simple as installing water-saving faucets on bathroom and kitchen taps or getting a plumber to give your business property a once-over for any leaks that may be hard to find.
If you operate a hospitality business, you’ll be able to do a lot more to save on water. Monitor your water usage using a water metre and perhaps consider investing in more efficient dishwashers and washing machines (if you run a hotel, for example). These machines hog much water, and more water-efficient machines can end up paying for themselves in the long run with the savings they can contribute.
Another thing to consider is what water tariff you are on. Getting the best deal on your business water can go a long way to helping you save on your monthly usage costs and things like fixed charges. Getting a good deal on your water is a good place to start saving, and business water retailers like Castle Water are all about getting you the best rate.
Automate Your Payroll
If you run a business on the smaller side of the term SMB, this could be a great way to save some extra time and money. Unless you know nothing about tax and payroll, having an accountant won’t add value to your business if you are a small business with less than ten employees.
Using accounting software to handle the payroll with your input is far easier than doing it all by hand and far cheaper than hiring an accountant to do it for you.
Software such as QuickBooks, Xero, and Sage are all decent contenders to consider for keeping your payroll and accounting on track. Of the three, QuickBooks tends to be the most popular choice for very small businesses due to its easy and straightforward use.
Each software will have its pros and cons, and we’d recommend trying all three before settling on which one you’ll use in the long run.
Don’t Always Go With The Same Supplier
Most modern businesses will sell some product or produce some product. Most of the time, this product will require specific supplies to make, or you’ll get your product supply from a supplier. This is fairly standard in business, but many business owners don’t like rocking the boat regarding their supply chain.
But re-evaluating whom you get your supplies from can be a great way to keep your expenditures low consistently and profit margins high. Competition is the innovator of most markets, which is true for suppliers. Always keep your eyes open for new suppliers wanting to disrupt the market and take advantage of this when possible.
Remember that environmental sustainability is hugely important when selecting a supplier, and this should not be compromised at any cost.
Go With Cloud Storage
This tip is tailored more towards SMEs than SMBs but can apply to almost any business – as most business records will be kept digitally. But instead of keeping all your eggs in one basket and relying on one machine, go for a cloud storage option.
Not only will this safeguard your documents on very secure third-party servers (such as Google or Amazon servers), but it can frequently be free for up to 15GB. For most businesses, this is enough to keep all the documents they require in one easy-to-access location.
As an added benefit, you can access this data from anywhere as long as you have the right login credentials.
In Conclusion
Saving money in business is paramount to success. We hope these tips will be useful to you on your money-saving journey. Never stop looking for new ways to innovate and save!
