Times are tough for businesses around the world at the moment, people are looking to make savings in any way they can in order to reduce their costs. No business ever wants to lay off staff, that is always a last resort but sometimes it is unavoidable. Here are five tips that whilst individually may not look much but together with save your business thousands in a year.
Alter your marketing strategy
Try and reduce the cost of your advertising by moving to online marketing. Depending on what type of company you are this can actually be a bonus rather than a negative. Using social media and in particular Twitter, Facebook and LinkedIn you can really drum up some business online by simply offering a few giveaways. You have the perfect tool to make your job much easier in the palm of your hand and it is free of charge so why continue to advertise in newspaper?
Reduce electricity costs
Aside from rent, electricity is often the biggest outlay for most companies. If you systematically go around your office ensuring that all lights have energy efficient bulbs in, the computers are switched off or on standby when not being used and your air conditioning is on when necessary then you can save a bundle. Air conditioning in London is essential, the temperature particularly in the summer can be unbearable but it does use a massive amount of power so maybe just switch it on for an hour at a time.
Offer a 4 day working week
If you are going through a lull in sales or you don’t have as much work on as normal then don’t pay your workers for sitting around, try offering them a 4 day working week instead. It isn’t a massive reduction in wage for them and in all likelihood they will be more than happy to do that, it doesn’t have to be permanent either it could just be for a month or two whilst your business is quiet.
For mundane, tedious tasks outsourcing can be a great option. Instead of paying a skilled worker a full wage to do data entry try and outsource either to a specialist company within the UK or look abroad if you are looking to go even cheaper. Plenty of companies in China and India now offer this service.