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Ways you Can Save Your Business Money

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Things get quite tight this time of year, and nothing changes for business owners. Whether your business is offline, online, or both, there are many ways you can save your company money, some are marginal, others substantial, yet all should be considered if you’re needing to save some money. Here are some ideas to get you started.

Downsize

This isn’t suggesting you should start firing people just before Christmas, instead you should look at your worked hours allocation. By doing this, you can start asking people whether they would like to leave work early, or whether they could do with an extra day off, you’d be surprised by how many people will say yes, thus saving you some additional cash.

Cut Out Paper

Xerox have conducted research which states that a huge 40% of paper in offices are thrown away within the first 24 hours. That’s a harrowing fact, which shows your wasting paper at an alarming rate. When you realise how much you spend on paper, ink printers and the labour that goes into maintaining them, you can see how much you could save. You could try using things like google docs and dropbox to share files instead of printing them, it’ll save you a lot of money in the long run.

Go Solar

You can save so much money on electricity bills by installing solar panels. You can use commercial solar installers to fix them up for you, you’ll get a great return on your investment and see that money can be saved in the long term. Installing solar panels will paint your busines in a good light, it’ll show you as being environmentally friendly and garner good feeling toward what you do.

Outsource

Outsourcing work means you don’t need to keep someone on a full time retainer charge and only use them on a needs basis. An IT expert is a great example, you can use them to come out quarterly to check and update all of your systems and to also in case something goes wrong. You can even outsource your HR needs, saving you the cost of employing someone for payroll and time checking. Your business will benefit from the heightened expertise and you can also negotiate costs more effectively, saving you yet more money.

Hire Smart But Inexperienced People

This can save you so much money in the long run. Using inexperienced employees means you’ll likely invest some time in training them, but they’re smart, so they’ll learn quickly. It means you initially pay them much less, so you’ll save a tonne of cash in employee pay over the years.

Reward High Performers

Rewarding high performers through bonus incentives or other means can really help your business grow. The incentive means people will work much harder, thus supporting the growth of your business. It also earns you respect, showing you’re not afraid to reward success. Having high productivity will outweigh the extra outgoings of bonus or extra holidays. There’s nothing better than having employees who truly want to work for you.

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