With everything that’s going on around the world right now with this pandemic, businesses have to keep their costs low to make sure they are here this time next year. In this article, we will take a look at some of the best ways a business can save money this year.
Some of these tips may not be too common and may surprise you so with that said let’s jump into it.
Forget the big office, if money is tight and you don’t know if you can pay your staff next month consider downgrading the office if you can or if you haven’t rented an office yet consider working in a co-working space. A co-working space offers all of the benefits of an office at a fraction of the price.
Working from home is also an option but it can put some clients off from working with you as you may not seem professional. Co-working is a happy in-between as it saves you money and gives you the impression of being more professional.
Coworking spaces also allow you to pay more as your business grows rather than having to pay for a bigger office that has so much wasted space. Many businesses are wary of co-working spaces because they think their data may get stolen but that isn’t the case and most co-working spaces are more secure than working at home.
If you do choose to co-work shop around and don’t be frightened to haggle on prices as in these uncertain times most businesses are happy to barter.
Once again instead of having a huge office consider the possibility of using your existing office and putting furniture you don’t need into self-storage. Self-storage is a much cheaper choice than a new bigger office and often you realise you don’t need a huge office when you store some of the equipment you don’t use every day.
Filing cabinets can be put into storage, old chairs and desks and so much more so if you are running out of room in your office have a look at the storage units in your area first before splashing the cash on that luxury office that you may not need.
Cut out fraud
When people think of cutting business costs hardly anyone thinks about cutting down on fraud that may be occurring within the business. Fraud takes shape in many forms including staff absentees, the stealing of money and company assets and even vehicle fraud where vehicles are used where they shouldn’t be.
Catching staff who take part in vehicle fraud is difficult and pointing the finger at someone innocent can ruin all morale so be careful. One of the best ways to stop employee fraud is to hire an expert private detective.
A private detective can help document evidence so you can call out the employee or even take it further in a court of law.
Hire freelancers where possible
Freelancers are experts that don’t require a full-term commitment. You can use freelancers only when you need them so costs are cut down and you should be getting a return on investment from the freelancers work too.
Hiring a full-time employee can have its benefits but freelancers put less stress on your business as if things get tough you don’t have to worry about getting rid of them as they aren’t paid a salary. You can use freelancers when you need them and when your business has grown enough you can look to employing them full time if need be.
Rent equipment or buy second hand
A great way of saving money as a business is to buy your equipment second hand or rent it if you don’t need to use it more than a few times. Offices can save thousands on computer systems if they buy them second hand and most products will still come with a warranty too.
Renting is also a great option and I know it’s something that photographers do as equipment in photography can cost thousands which can be a waste when a lens or camera may only need to be once or twice for a particular shoot. If you need a specialist piece of equipment you may want to consider hiring first as it could save you a lot of money.
Saving money should be something that all companies should do in this climate as we don’t know what is around the corner. With the tips above you will be off to a good start.
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