Lots of businesses are looking for new ways to save money right now. Times are tough, with coronavirus having a terrible impact on lots of companies who have been unable to operate in the same ways as before the pandemic hit. Many of these businesses are worries that they will have to lay off staff or make other unpleasant changes to ensure that they can keep operating, but, if you’re one of them, there are plenty of painless ways to save your business money that are pretty painless. Here are a few of them:
One fo the first thing that any business looking to save money should do is shop around for new suppliers or contact their current suppliers for a better deal. Suppliers right now want to keep as many clients as they can, so they may be more amenable to a deal than you may think, If they aren’t, well see if there are any lower-cost options out there and make the switch.
Track prices and bulk buy
Tracking the prices of stock and any supplies you need, and then making bulk purchase when they reach a low level is an excellent way of saving money for your business, and because there are now apps that will automate the process for you, it’s a really painless change to make, one that could end up saving you a fortune not only now, but for years to come.
Sell the surplus
If you have surplus sock, try selling it on to another business to make a little money back. These days you can even sell ink for cash if you have an excess that you aren’t going to use – perhaps because you’ve gone paperless to save even more money – and old office supplies like computers and desks, which can be recycled and reused. Evaluate all you have and if you have anything you don’t need, see if there’s a market for it because chances are there is.
Do your own marketing
Marketing your own business may not be ideal, but it is perfectly possible. If you can string a sentence together, it’s not all that difficult to write blog posts or snappy content for social media. Sure, it might not be as good as the marketing you’ll get from the pros, but if your company is already pretty well established, it should be enough to keep things ticking over nicely. Just buy a book on copywriting and online marketing and make sure you have a good idea of what you’re doing first.
Turn electronics off
You’d be surprised at how much money your business could save simply by turning off computers and other electrical equipment when you aren’t using it. A large company could literally save thousands of dollars in utility bills each year by simply pulling the plug.
Saving money may be necessary, but it doesn’t have to be painless, By focusing on the above ideas first, you may be able to save your company from having to make tougher decisions down the line so what are you waiting for?