Running a successful business takes a lot of hard work and organization. No matter the size of your business, you are bound to hit some moments of hardship and worry that your business will not make it through.
The recent pandemic is a prime example of this, essentially overnight the business world was forced to shut down for an unknown period of time. Eventually, when businesses could open their doors again, many were forced to close for good, while others had to make cuts in order to ensure the survival of their business.
As it currently stands, the world has almost made its way back to a pre-pandemic state, but there will still be plenty of reasons why businesses may need to cut back and save some money. If this is the case with your business, and you are in need some advice, here are our money-saving methods you could try in your business.
Make Some Roles Automated
A huge expenditure within a business is payroll, and while, of course, staff are valuable and should be paid a liveable wage, you could save your business a lot of money by making adopting workflow automation. Workflow automation essentially means that instead of getting an employee to complete a task, you use software or digital tools instead.
There are some roles within a business that can only be completed by an employee, but workflow automation can be beneficial in completing the repetitive tasks that no one else wants to do.
Adopting workflow automation within your business should be slow process; you need to take time to figure out what roles would be best automated, and what ones need a physical employee. Simple things like scheduling or sending emails are good examples of tasks that could easily be automated in your business.
Not only will it save you money on paying someone to complete the task, but you will find that the tasks will be completed to a higher level as there is no risk for human error. Once you have established some basic automated tasks, you can start working your way through different parts of your business and see what else could be successfully automated.
Consider A Hybrid Or Remote Working Model
The pandemic changed many things about the business world, one of of them being the way in which we work. As the lockdown was announced, businesses were forced to turn to a remote working model until the restrictions allowed them back into the office space.
However, even as the restrictions were lifted, many businesses chose to make remote working a permanent feature. Many found the thought of commuting and sitting in an office all day to be an unproductive way to spend their time and instead preferred to work from the comfort of their home. Other businesses opted for a hybrid model of work where time is split between working from home and the office.
Either of these options could be a viable way to save money within your business. A complete remote working model means that there is no use for office space, so you are immediately cutting out the huge expense of rent and energy use.
A hybrid model of work can also save you money because it means part of the week the office space will be empty so energy prices will be significantly lower. Additionally, having the office empty part of the week creates an opportunity to rent out the space to other people which can be a great way to make some extra money on the side. If your business is currently solely working from an office, then why not try the hybrid model and see if it works for you.
Going green is an over-arching term that can mean a multitude of things. In terms of saving money within a business, going green may not have been your first idea, but it can in fact be a very effective way to cut some costs.
Firstly, it would be a useful idea to make a list of some of the smaller things in your business that eat away at your budget like printer ink, paper costs, and office furniture, for example.
While these are important parts of working within an office, they can quickly become pricey, and you may find that your business is regularly spending money on these areas instead of other and more important aspects.
If this is the case within your business, then going green could be the ultimate problem solver. Making the switch to paperless can save your business huge amounts of money each year as you no longer have to fork out on expensive paper and ink.
Not only is going paperless a money-saver but operating in the cloud can be a far more effective method of working as the information you need is always readily available. Another money-saving tip would be to buy second-hand furniture instead of spending money on brand new chairs every time they need replacing.
There are plenty of websites that resale quality office furniture at the fraction of the cost of brand new. So not only will you be saving money, but you will also be doing your bit for sustainability and the environment.
Be Particular About Who You Hire
While some roles can be automated, others will require hiring someone to complete the duties of that role. When it comes to hiring someone, you need to be careful with who you employ to ensure that they will be the best person for the job.
A lot of money can be wasted through poor hiring decisions, and it could mean you shell out extra money on training, or you have to fire someone and go through the hiring process again. If you have some extra money for training that’s great, but if not, you need to ensure that the person you hire has exactly the experience needed for the role.
Another way you can save money through hiring is by internally recruiting instead of employing an outsider. Not only will the internal recruitment likely have all the skills you require, but it will save you money as you only have to provide a pay rise as opposed to a completely new salary.
Of course, there are pros and cons to hiring internally, but if you are looking for ways to save some money within your business, recruiting from within could be the way to do it.
The effects of the pandemic will likely be prevalent in the business world for years to come. Although businesses are slowly starting to operate like normal, the economy is not like it used to be, so it is crucial as a business owner to be wary of that and saves money where you can.
There are many money-saving tips that can not only cut some costs within your business but can also improve the overall organization and productivity. Running a successful business involves taking risks and learning from mistakes, so it is important to bear that in mind when you start making cuts. Don’t be afraid to try a few methods and see which ones work the best for your business.