With spring on the way, not only is it important to clean up around the house, but it’s important to clean up your business’s expenses as well! Luckily, there are many steps you can take at your office today that will help you save big in the long run. Not sure what the steps are to help you clean up your business expenses? Here at FocalPoint, we have a few tips to help you cut down on business costs without directly affecting or losing any business!
Align Your Business Needs With Proper Plans
Today, it is easy to get carried away with all of your essential plans needed for cloud storage, legal teams and even telecommunications. One of the easiest ways to save is to make sure you are not paying too much but using too little. Find the right plans that fit the needs of your specific business. There is no reason to over pay for services that you are not taking full advantage of.
Add in Telecommuting
If there is the possibility to move certain positions out of the office even just part of the time, it is worth a try. According to Global Workplace Analytics, only about 20-25% of individuals telecommute, while 80-90% of workers would like to telecommute some of the time. Some advantages of telecommuting include reducing space required for employees, lessening utility costs and reducing commuting costs for employees. The cost of a commute can add a big expense to some businesses if the business provides company cars for their employees.
Buy Used If Possible
With everything that comes along with owning a business, there are a lot of expenses that could be reduced by buying some items gently used. Some examples of items you could buy slightly used include:
- Refurbished work phones or laptops
- Desks and other office furniture
- Vehicles (i.e. company cars, delivery vans or trucks)
Invest in Your Employees
Whether you realize it or not, it is costly to bring on a new employee or create a new position. Recruitment and onboarding costs can lean upwards of $15,000 which is why it could be in your best interest to keep some promotions or added positions in-house. Even if you need to heighten salaries slightly or add on some benefits, it is extremely beneficial to retain your current employees. If one of your employees already has high potential, it is better to keep them for new responsibilities rather than bring someone else in.
By implementing a few of these suggestions, you could start saving on your business costs today. At FocalPoint, we have the expertise to help you save on business costs and help your business succeed. Contact us today at (610) 768-7774 to get your business coaching and training all set up.