With the economy in a turbulent state, it’s important to implement sustainable, cost-saving strategies into your business plan. This will reduce your outgoing cash and will help keep your company afloat during these challenging times.
Here are five money saving tips for small businesses and entrepreneurs:
Turn off all office equipment
According to Business Link – the government’s online resource for business – a single computer and monitor left on for 24 hours a day will cost over £50 a year. Enabling standby features and switching all PCs off after hours could reduce this cost to £15 a year – so make sure all electrical equipment is shut down at the end of the day. This small change can make a world of difference and should save you a lot of money in the long-run.
Fix all leaky taps
Did you know that a dripping tap can waste more than 5,500 litres of water a year? That’s why it’s important to fix all leaking faucets as soon as possible. This will reduce your utility costs significantly and will give you more money to put back into other areas of the business. Most leaks are caused by damaged or worn washers, so you may even be able to fix the problem yourself. If you’re not sure what to do, however, contact a reputable plumbing and draining company for advice.
Use energy efficient light bulbs
Standard light bulbs will be off the shelves by September in the UK – so switch to energy efficient alternatives. These convert energy to light much more effectively and can last up to ten times longer, helping you to save money. Each compact fluorescent bulb could save you up to three pounds a year and a 6W LED could save you four pounds a year if you’re replacing a 50W halogen downlighter. Do the math and you’ll see this is quite a significant and sustainable saving.
If you spend a lot of money on stationery, why not go paperless? Simply store all information on a shared computer network and backup important files onto a hard drive. Instead of printing out handouts, create a PowerPoint presentation and send your colleagues the slides at the end for reference. Your computers are on most of the day anyway, so you might as well use the power they provide and save money on pens and paper.
Buy eco-friendly cars
Do you need a company car? If so, choose an eco-friendly model that burns minimal fuel and reduce the amount of tax you pay. You may even want to take out a vehicle leasing loan and pay money back over a set period of time – as this will help you organise your finances. Whatever you choose, always kill your speed, check your tire pressure and accelerate with care, as this will help you save fuel.
Introduce sustainable cost-saving methods into your company and hold onto your hard-earned cash.
Author: Dan Whiteside, writing on behalf of HomeServe.