Although running a business can be extremely fruitful, it most definitely comes with its costs too. Having high running costs can be the difference between being a successful business or a disastrous one. By being mindful of your finances you are able to identify any area where you would be able to save money however if you would like some ideas to have a look at these 4 ways that your business can cut costs.
Location
This may or may not be an option for your business however if you are in need of reducing business costs moving the location of your store, finding a different warehouse or a smaller office space could save you money. By having a shop around for the better deals when it comes to things like office space you could end up saving a large chunk of any budget your business has. Another option is to speak to your existing landlord and see if you can negotiate a lower price.
Staff Costs
By this, we aren’t suggesting that you should be cutting any staff unless you really need to but rather addressing the different options you have to hand for recruiting new staff or offering things such as unpaid leave to the older staff who would probably jump at the chance.
Try having a look into options such as apprenticeships when recruiting, not only are you getting someone into your company at a young age who can learn the values of the company from scratch you are also getting a paid worker for a reduced cost for a few years. Bear in mind that you have to allow them time whilst at work to study as part of the schemes.
Use Your Bartering Skills
Just because something is advertised at a certain price it doesn’t mean you always have to accept this price, especially when it comes to services or bulk buying supplies. When looking at a new stock for a store or office supplies then have a try using your finest bartering skills and see where it gets you.
If your business has a service or product that is particularly useful you may be able to use this to barter for a deal, by trading services for products or the other way around. You could also look to set up a repeat order, this can sometimes save you money as you can set up good deals.
Waste Management
It’s always a good idea to have a think about how your business deals with waste management. Whether your staff are avid recyclers or throw everything under the sun it’ important to make sure some sort of system is in place, it is going to save you money in the long run if you take action now.
Using tools such as Wheelie Bin Compactors you are able to reduce the number of times your waste needs to be collected, which will reduce your costs and help with the overall management of your waste.
Do you have any other ways a business can cut costs? Please Share them in the comments section below.
