From updating your systems to managing your stock, being cost effective is less about saving money and more about smart spending. Here are some tips for running a more cost effective business.
Roadmap your projects
When projects run into issues or risks and fail to meet deadlines, this can occur significant costs, especially if you need to source a solution quickly. This is why it’s vital to improve your project strategy. Having a set process for ongoing projects will ensure updates are easily communicated, stakeholder expectations can be managed and important milestones are met. Use a clear project roadmap system to help plan, prepare and produce a project that stays on budget.
Manage your stock
To be more cost effective around the office, firstly, take note of the things you’re frequently spending on. You’ll more than likely find that you’re spending on office supplies more often than you need to. During the early startup phases, you may have signed up to a rolling subscription of ink or paper. This may have sounded like it will cut costs, but you could be buying more ink than you need. Put a pause on the auto reorder and only replenish stock when it’s extremely low. Monitor your stock levels by doing inventory. Update this audit each month, before you make your next order. This will ensure you’re only spending on what you need.
Invest in software and machinery
As well as your office supplies, take a closer look at your software and machinery. Keeping electrical equipment that keeps breaking down will incur expensive repair costs, so it may be time to update to a newer model. Do remember that the cheapest deal isn’t always going to save you money, but this doesn’t necessarily mean that the most expensive will either. Do your research beforehand and choose the best deal with the best reviews. Don’t buy what you can’t afford, but, do invest in business warranty deals.
Be more sustainable
Utilising the energy you consume every day will not only help with your carbon footprint but, it’ll save you money. If your heating and electronics are on autopilot, switch to an energy-saving meter or smart thermostat. You’ll be able to program when you need air-conditioning or heating, which you should try and use seasonally. You may have to endure a few stuffy office days but it’ll definitely save you money. If you’re finding that you’re turning the heating on more often than you should, take a look at your windows. Update to double glazing, even insulating curtain and blinds can stop a draught from coming in. If you’re in a joint office space, talk to the owner of the building to see if they can improve conditions.
Utilise the digital age
With almost everything integrating online, the expense for traditional methods of advertising has increased. Keep up with the digital storm and grow your brand online. No matter what your business is you should be able to adapt. Build your online presence naturally by updating your content marketing and social media presence. Reduce your expensive customer call line and switch to a mobile-friendly messenger system. Get rid of your costly accounts and choose free online apps for things like proofing written work, editing videos and photos and sending emails.
Altering your approach to saving money will help maintain a healthy bottom line.
