Every business owner and every company are looking for ways to save money. No matter what business you’re running, the more you save on your bottom line, the better off you’ll be. However, after the day-to-day activities have been audited, it isn’t always easy to think of creative ways to save your business money. The biggest savings are probably staring you in the face and you haven’t realized it yet. Here are a few tips on keeping those costs down.
Hire Freelancers
In certain industries, hiring freelancers is becoming an ever more popular option for businesses. It means you don’t have to hire staff with long-term contracts, so if the business is going through a bit of a rough patch, there’s a few less wages you need to pay. Freelancers also usually telecommute which means you won’t have to invest in large office space. You’ll get the same quality and quantity of work completed while saving yourself a significant amount of money throughout the year. In general, freelancers may come at a higher hourly rate, but other expenses such as health insurance are taken out of the picture.
Use Staffing Agencies
There are times when hiring freelancers and telecommuting just won’t work. Sometimes, employees need to be there in person to get work done. However, spending the time searching through applications, interviewing and hiring can diminish your team’s productivity. Why should production slow down just because you need new staff? Staffing agencies are the experts are finding the right solution for your immediate vacancy. While there are agencies that cover a broad array of industries while other specialize in specific skills. For example, a driver staffing agency will already have qualified drivers with experience on their books. You’ll be able to take your pick and have a trial run as soon as you need to.
Invest in Employee Wellness
Some employers make the mistake of working their employees to the bone, sometimes ignoring the long-term effects. Unfortunately, overworked force leads eventually to low morale and a constant revolving door as the teams are constantly experiencing resignations. Employees who work until they are completely drained mentally, physically and/or emotionally will often end up having to take time off due to illness or stress. If you want to get the most out of your employees, and make more money, you need to invest in their wellness.
Go Green
You may think that going green is only about doing your part for the environment, but it could save you a pretty penny too. Most of businesses these days have already gone almost entirely paperless, so if you’re still to jump on the bandwagon, it’s time to start. Going paperless will mean you’ll save an immense amount on paper, postage and storage solutions. There are plenty of online tools that will allow you to save documents, like Google Docs, and you can even get clients to sign electronically with DocuSign.
Negotiate with Suppliers
It is smart to frequently revisit your supplier agreements. The odds are, the longer you’re in business, the better your suppliers will be willing to accommodate your needs. Don’t be afraid to do a little negotiating. After all, you’re helping to pay their bills also. Developing a good relationship with your suppliers is the key to getting better discounts and saving yourself a lot of money in the long run.
Taking these simple steps can tremendously help your balance sheet.
Money-Smart Millennials 