Has Your Business Got a Leak?

by +Kirsty Wilson in Blog, General, Tags: , , ,

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Any entrepreneur, regardless of business size, should occasionally step back and take a look at ways that their company could operate more efficiently. Often it can be simple things that have slowly crept in over time as staff become complacent that are the cause of money leaks. On the other hand it may just be that technology has moved forward and you haven’t taken advantage of the savings that could have been made if you had implemented them earlier. Whatever the reason, the most important thing is that you are on the lookout for these savings, and that you act upon them when they come to light.

Here are a few things that could save your business a few dollars, and help to make it run more efficiently too:

  • Economical laptopsSwitch hardware – If you haven’t done so already switching your business over from desktop PC’s to laptops could dramatically reduce your energy usage. Laptops can offer energy saving of between 50-80% and also come with the added bonus of having a battery on standby ready to save the day should there be a power outage, thus eliminating that lost document feeling once and for all.
  •  Reduce printing costs – Ink and paper can amount to a small fortune over the course of a year. If you have the storage space, try buying both in bulk. The savings can be substantial and you’re less likely to run out. Better still, you could aim to reduce paper usage altogether. Not only will you save money, you’ll be doing your bit for the environment too.
  • Switch to fuel cards – Having your staff switch over to something like a fleet card can help with time management, enabling your staff to concentrate on what they do best. No more lost receipts or aggravating expense forms either.
  • Xero. Accounting in the cloudMove across to electronic invoicing – Switching to electronic invoicing not only allows you to get your invoice to across to your client quicker, it can also save you a heap of cash too. An invoice sent via email eliminates the need for paper, ink, and in some cases, the whole printer!
  • Staff costs – If you happen to lose a member of staff it may be wise to hold back on replacing them for a while. If you find that your other employees are coping with the workload, great. If not, you can always advertise at a later date or engage a Virtual Assistant on an as need basis.
  • Check costs – This may seem obvious, but it is amazing just how many businesses use the same suppliers (especially for things like stationary) without making price comparisons. Every once in a while it can be beneficial to take a look at what you are paying for consumables and have a quick hunt around to see if you can get them cheaper elsewhere.

Savings that may seem inconsequential at first glance can add up to a tidy sum at the end of the year. Making sure that you are constantly on the lookout for any minor financial leaks now will help to keep your business afloat for many years to come.

What tips can you share that have added savings to your business?

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