10 Smart Ways to Save on the Most Common Business Expenses
Many business owners are shocked when they see their monthly expenses. Even though most costs are expected, they can add up quickly and snowball out of control.
From utilities and office supplies to travelling and marketing, this article reveals the most common hidden business costs and offers actionable money-saving tricks.
Utilities
Many business owners with physical offices don’t consider how their utilities drive up costs. However, cutting down on utility expenses is simple!
Audit
Many energy companies offer free or low-cost audits. They’ll inspect your office and tell you what you can do to save money, such as replace insulation or seal your windows.
Energy-efficient equipment
Equipment marked as energy-efficient may cost extra initially, but the amount you’ll save in utility costs makes a higher price tag worth it.
Office supplies
Another major culprit of high business spending is office supplies. Thankfully, managing these costs is easier than you think.
Buy in bulk
You may need dozens of chairs and hundreds of staplers if you have a large office. Instead of purchasing each item individually, buy in bulk for significant discounts.
Purchase high-quality supplies
A higher-quality item may cost more to purchase, but it will last much longer. Therefore, you won’t have to buy another, saving you money.
Shifts
If you have limited office supplies, create a schedule so your employees work in shifts instead of buying more. This method works best for expensive items like 3D printers or powerful computers.
Travel
If your employees are constantly travelling, you know how quickly fuel, hotel, and air ticket prices add up.
Fuel
Filling up every company vehicle’s fuel tank gets expensive quickly. The best way to save money at the station is with business fuel cards.
When you sign up, you can choose whether to save on each litre or pay a fixed weekly price. Most businesses enjoy about 10p off every litre with fuel cards!
Hotel stays
The first step to saving on hotels is becoming a loyalty program member. Pick a company with accommodations in the areas you commonly travel to and enjoy plenty of discounts!
You can also try calling the hotel and asking if they have special rates for extended company stays. Many companies offer such benefits.
Plane tickets
Airline tickets are a nightmare for many entrepreneurs. Thankfully, you can cut down on costs by booking strategically.
Start looking for tickets as early as possible since seats tend to get more expensive as the flight gets closer. Prices change often, so set up alerts that notify you when the cost is low.
Also, don’t forget to use airline miles and credit card points!
Marketing
Telling the world about your product can come with a high price tag. Here are ways to advertise without breaking the bank:
Social media
These days, everyone is on social media. Creating accounts to promote your brand is free and has the added benefit of building a loyal community of people who love what you do.
To successfully grow a following, keep your image consistent across platforms. Use the same profile picture, tagline, and language in your posts.
Email marketing
Give your customers the opportunity to sign up for email marketing. This method lets you send updates, offers, and discounts directly to an existing or new customer.
How to start saving
A great way to implement these tips is to make a strict monthly budget. Schedule an energy audit, buy office supplies in bulk, save on travel expenses, and make a marketing plan using social media and email.
Now that you know what areas of your business pose the most risks for heightened spending, you can stay aware of them and save money instead of spending it.