It is no exaggeration to say we are in strange and woeful economic times. The global economic future looks challenging, to say the least, and interest rates are reflecting that. This is curbing growth even further. Everyone needs to find ways to tighten their belts as we head into the winter when energy prices will rise and hit balance sheets hard. From households to CEOs, we all need to find some savings anywhere we can.
Become a Smarter Consumer
Next time you cast your eye on the business’s bottom line, think about your consumables. Every penny counts and depending on how quickly your business goes through things like paper, cleaning products, or PPE equipment it could be worth finding a better supplier. Just saving a small amount across a few commonly used consumables like face coverings, hand protection, or even soap for the bathrooms can add up across the year and help you to offset increasing energy costs. Look after the pennies and the pounds will look after themselves.
Make Savings with Outsourcing
For larger-scale regular savings, consider outsourcing elements of your business, like front desk servicing, human resources, or accounting. You can reassign existing staff to areas you need to reinforce, which saves on new hires in departments that are growing, and hand over tasks like answering the phones, tending to email or taking care of HR requirements to professionals you pay for a service instead of paying a salary. The savings can be quite considerable, depending on how far you go and in which areas.
Generate Your Own Energy
If you operate a business premises like an office building or a yard, you can invest in solar and wind power and save a small fortune on your energy bills. The electricity you generate on site can not only power your premises but excess energy can be sold to the grid. For business premises, this can be the perfect solution to energy costs, as it can turn your electricity bill into an income rather than an overhead. If you operate efficiently and can generate more energy than you use, you may get a cheque in the post every quarter instead of a bill.
Spend Time Not Money on Marketing
Getting your name out there, spreading the word, and expanding your reach are the biggest challenges in marketing but the tools you need to do it yourself are all at your fingertips. Cut the cost of your marketing budget and take matters into your own hands. Social media marketing generates real results, and it has minimal financial costs. You need to invest your time in Instagram and Facebook, not money. Start upping your business’s social game and be patient. It can feel like you are getting nowhere, and then one day out of the blue the follower count starts to climb.
Grab these four bulls by the horns and you will be able to wrestle your balance sheet down to help offset the upsets of energy costs and inflation. Small savings yield big rewards over time, so do not think of it as penny-pinching but pound-saving. With a little luck, we can weather the economic storm until sunnier skies return.