4 Ways Your Business Can Save Money
In today’s economy, it is imperative that small businesses save money where possible in order to make a profit. The good news is that there are some relatively simple things that you can do in order to protect your investment as well as your wallet. The following are four ways that your small business can save money: 4 Ways To Save Money:
1. Provide Less Expensive Work Incentives. As a small business, it can be very difficult to contend with other companies that offer healthcare, retirement plans, and bonus incentives. However, what you can do is provide a flexible work schedule along with career training and/or the opportunity to own company shares if possible. In addition, recognizing staff achievements by hosting an inexpensive awards ceremony is also a great motivator.
2. Stand Your Ground With Late Payments. In order to convince credit clients to pay within their normal 15 or 30 day account terms, you might want to consider having a contract in place for clients to sign that has a clause regarding late payments. Perhaps the clause could give you the right to charge interest or ask for a deposit upfront on all larger jobs and orders.1
3. Reevaluate Your Energy Provider. It is possible that you are paying more than you need to for your electricity and gas services. You can go to the switch web site in order to compare rates on energy costs along with customer service ratings for both electricity and gas companies. The customer service rating could be very important to know in the event that you have a power failure or gas leak because you will want to ensure that the problem is taken care of as a quickly as possible.2
4. Turn Off Items That Are Not Needed. Appliances such as cash registers, vending machines, water coolers, and coffee makers can use a lot of energy that can add up to excess costs on your utility bill. So, you might want to consider turning these appliances off or installing a tool that does so automatically. For more information regarding saving up to 30% per year on energy costs, please visit the Hartford Steam Boiler web site.3
In addition, if you happen to find that your company has run into some financial difficulty and could use some help regarding how to manage your business debts, then please contact the Business Debtline by visiting the website or call 0800 197 6026.4
2 https://switch.which.co.uk/energy-advice/compare-energy-suppliers.html# 3 http://blog.hsb.com/2015/01/15/small-business-how-to-save-money-on-energy/