The bottom line is the only line in business, and keeping on top of those finances is every entrepreneur’s number one priority. But despite this, so many companies continue to fork out unnecessarily for expenses that are, quite frankly, avoidable.
Sometimes this is a case of learning on the job; other times it’s sheer complacency. Thankfully, if something’s avoidable, then it can usually be altered quickly. Here are a handful of ways businesses regularly waste money, as well as how they can stop doing so.
1. Energy wastage
Every office has hundreds of different appliances, and very rarely are they all being used at once. Yet people still insist on leaving them switched on regardless.
If a room’s empty, turn the light off; if it’s a hot day, turn the radiator off; and if it’s a cool day, turn the air conditioning off. Now repeat for 997 other items.
2. Stationery disappearing
We’ve all stolen the odd office pen from time to time - it’s hardly the worst crime imaginable.
But if staff are constantly taking or losing supplies, then you have to replace the items more regularly than you should. Make it clear to your employees that office equipment is meant to stay in the office.
3. Staying offline
The business world is moving increasingly online, and much of it is doing so for free.
It makes no sense to send a letter when you could send an email instead, or to rack up a monthly phone bill when Skype, WhatsApp and internal messaging systems will do the same for no cost. Where possible, make your operations digital.
4. Online savings
Following on from the last point, even if you have to pay for a service once you’ve gone online, make sure to do your research.
There’s no point spending thousands a year on mega-software programs when there’s a free option elsewhere that - although it may not come with as many gimmicks - still provides everything you actually need. Shop around, just as you would with suppliers in the offline world.
There are always ways to save more money but the biggest cost for many offices can be the printing and copying costs. Simple settings such as defaulting to black and white and single sided printing can save hundreds of pounds a month!
Efficiency is key whatever the item or area you’re focusing on. But remember - don’t cut so hard that your business suffers as a result. Reduce your expenses, but not at the cost of your company. For those above and other avoidable expenses, use common sense; for printing costs, use Prolific Solutions.