4 unexpected ways to save money in business
In business, profit is everything, so it’s no surprise that some of the most successful businesses around the world are the best at conserving expenditure when it matters.
Whether it’s petty cash expenditure or larger savings on things you might not consider to be a financial burden, here are four unexpected ways you can keep more cash in your pocket as a business owner.
1. Go eco in your office
Overhead bills are one of the biggest expenditures of the business world. To combat this, you can venture into the eco-friendly alternatives that will reduce the burden on your pocket.
Use automatic lighting, place more plants in your office, and invest in sustainable energy sources like solar panels and wind turbines through companies like Ecotricity. This will reduce the need to rely on the grid for energy, and this will ultimately lower your energy bills.
2. Do a distance learning degree course
If you’re at the very bottom of your business career ladder, you might want to think about doing a distance learning degree.
Although this will not directly impact your business profits, it will decrease your student loan repayments, as distance learning is considerably cheaper than in-person studying.
You can study distance learning courses like the Business Management BSc, or Master of Business Administration (MBA) with Anglia Ruskin University, which are formulated to help you gain as much experience and expertise in the field before you venture into the business world.
Another advantage of distance learning is that you can also flexibly learn around any other commitments you have to an existing job or childcare.
3. Increase productivity – switch to hybrid/remote working
Hybrid and remote working have become the new normal since the Covid-19 pandemic, but studies have shown that they also increase employee productivity. A study by Standford shows that employee productivity increased by 13% when working from home, as opposed to the office.
This means that your employees will create greater profit because of increased productivity, and therefore increase your bottom line as a result!
Working from home also has other advantages for employees; namely those with children, who can use the flexibility of working from home to drop off and pick up children from school or nursery.
4. Move your marketing online
Research has shown that digital marketing is easier to track results for, cheaper, and has a considerably wider reach than traditional marketing.
The outcome of digital marketing is easily measured through analytics and reports. This means that the methods you use can be evaluated and optimised according to which ones are proving to be the most successful in promoting your business.
You can also use free social media as a free marketing strategy. Although your reach will be significantly smaller than any paid social media marketing, you can still reach a significant amount of exposure every day.
Do you have any tips for getting value for money in business? Leave your answer in the comments below!