The good news is, there are plenty of ways you can cut back and improve your profit margin. To give you a little inspiration, here are a few little ways companies can save money.
Did you know you can save a LOT of money by going greener? You don’t have to make any significant changes, simply switching your light bulbs from traditional fluorescent bulbs to more energy efficient ones can save you tonnes of money in the long-term.
Switching to digital services can also help reduce postage costs and office supply costs. The greener you can make your workplace, the more money you’re going to save.
Delivery is one of the most important parts of your business. Customers and clients expect to receive their goods in record-time, regardless of who they do business with.
The easiest way to save money with shipping, is to make use of online booking services. However, usually you save money if you order in bulk, so what about if you need to send individual packages? The good news is, there are companies like TNT, which offer great individual parcel rates. The amount of money this could save you is surprising! Another delivery cost cutting tip, is to save money by ensuring your delivery details are correct.
Even if you use an affordable courier to send individual parcels, you could still end up paying more than you should if the details you provide are incorrect. You need to make sure you provide exact information such as the weight and dimensions of the parcel, otherwise you could end up being over-charged.
You’ll also want to compare different courier companies and ensure you’re choosing one which is affordable and reliable. If customers like your delivery service, they’re a lot more likely to order form you again in the future. There are so many ways you can save money on your delivery service.
If you’re looking for a more unusual way to save money, you might want to consider becoming a volunteer speaker. So how can being a volunteer help you to save money when you’re essentially doing it for free?
Well, provided you know your stuff, you can offer your knowledge and advice at industry events. This gives you a lot of free exposure, saving you money on marketing. It’s creative yet extremely effective!
If you’re looking for a clever way to save money, think about boosting productivity. Whether it’s your own productivity or the productivity of your staff, giving it a boost can help you to save money in numerous ways. In fact, it can help you to make more money too!
There’s a lot of ways you can boost productivity in the office. You might want to consider looking into various productivity tools to help you. Some are completely free too so you could save money and make money without spending a single penny.
OK, so this may not sound like a small task, but it’s easier than you might think to negotiate a better deal. Due to the huge increase in e-commerce demand, there’s been a rise in the number of suppliers popping up to meet it. This means, there’s a lot of competition within the logistics industry.
Do a little research and see whether there’s any cheaper suppliers out there. Then, contact your current supplier to see if they can give you a better deal in light of your research. If not, you can simply switch suppliers to the cheaper one!
If you haven’t taken advantage of outsourcing yet, you may want to start looking into it! Even a small business can benefit from outsourcing some of their tasks. It could be marketing, content writing, photography or even payroll – outsourcing any of your day-to-day tasks can free up so much time and save you money in the long term. You can outsource just about anything these days and it’s more affordable than you might think.
These are just some of the little ways you can save money for your business. Sometimes, it’s the little changes you make which create the biggest difference. Cutting back on shipping, marketing and energy costs will all add up to a substantial saving! If you follow all the tips provided, you may just be surprised by how much you save in the long-term. As you can see, there’s always something you can do to cut costs while boosting your bottom line.
By Zak Goldberg
Zak Goldberg is a Law & Business Graduate from the University of Leeds who has chosen to follow his aspirations of becoming a full-time published writer, offering his expertise on all areas of law, fintech and business economics.