The new year brings an opportunity to reflect on the year behind and plan ahead. Ways to save money for your business is never easy – especially with insurance, rent, salaries and unexpected circumstances. Our guide reveals some of the best resolutions to help your business save money and continue to grow in 2018.
Hot-desking – potential to save nearly £6,000 per desk
According to research carried about by Vodafone UK in 2016, UK businesses could save an astonishing £34 billion through hot-desking. By allocating desks as and when they are needed, and allowing employees to work remotely could save your business a considerable amount.
In fact, Vodafone estimated that the average saving per desk could be up to £5,746 per year. In addition, reports have shown that by encouraging flexible working, employees tend to be more productive due to the lack of interruptions during their working day and they find and absence rates go down too, probably due to less commuting and more time in bed!
Install integrated building management systems to save on energy bills – could save you up to 50 per cent in bills
You could cut your overall electricity and gas bill by over 50 per cent by having control systems in your building that monitor processes such as heating, security and lighting systems. This is ideal if your business operates within a large open workspace however, it is important you check with the landlord of the property before making changes to the building.
Look at how the company is funded
Several companies run on investment from elsewhere or the injection of short term loans. Some of the best ways to save money long-term are by finding angel investors who may offer lower rates or be more flexible with repayments. Ideally, growing a company organically by reinvesting your profits is the most efficient way to fund your business and avoid paying interest.
Other ways to cut business gas and electricity bills – could save up to £1,200
If you are a Small or Medium Enterprise there are other ways you can make considerable savings on your energy bills that are worth considering in the new year.
- If you are a limited company, it is possible check and compare energy providers in much the same way as your domestic bills through special business tariffs, with the potential to save up to a ⅓ on electricity costs.
- If you are a sole trader working from home, you could also deduct some of your electricity bill as a business expense.
Be savvy with office supplies cost and save potentially hundreds
One of the simplest ways to cut down on costs in 2018 for your business it to be savvier when it comes to buying office supplies. Is buying brand new office furniture necessary, or can you buy it second-hand or can you buy cheaper recycled printer cartridges instead? You could also look at downloading software on free sites such as download.com, or deciding to use smart technology instead through moving your IT infrastructure to the cloud, saving on expensive computing costs.