Five years after the Great Recession began, and it’s still questionable about how much we’ve recovered. In truth, the economy is still very far from where we need it to be according to The Huffington Post. So strict budget management for businesses is still a crucial part of survival in 2015. If you’re looking for ways to cut back in your company, here are 5 great ways to save money in the year ahead.
1. Choose ‘Free’ Marketing Tools
Marketing and advertising can be extremely expensive. If you want to cut back yet still achieve the same goals, try utilising the free advertising tools and platforms such as social media. Social media marketing has become one of the most important channels for businesses today and you could be missing out on huge opportunities if you’re not on Twitter, Facebook and Google+ already. But as many organisations may already know, social marketing isn’t always as measurable or tangible as other marketing campaigns so be sure to have the right measures in place.
2. Apply a Strict No Paper Policy
Printing is a huge cost to many companies. In fact, according to The Guardian Online, the high price of printer ink – measure by measure – is more expensive than vintage champagne. To cut back, introduce a no paper policy which encourages everyone to use electronic documents whenever possible.
3. Use Second Hand Equipment and Machinery
Another huge cost outlay (one which often ends up with businesses turning to asset finance) is the funding required for factory machinery or office equipment. In order to fulfil orders, it’s impossible for businesses to avoid these cash outlays. But to save money, you could consider trade financing options or opt for second hand machinery from reputable companies (such as Clarence Jones Machinery in the UK). Not only can you find second machinery and equipment, but you can also find second hand office furniture when your business expands and you take on new members of staff.
4. Improve Car Fleet Management
Anything that happens outside of your office can be extremely difficult to manage. It can be difficult knowing where time and money goes when you have employees out on the road so much. Manage your car fleet with fuel cards, vehicle trackers and a strict pool car policy. Make sure everyone checks cars in and out and be sure to find the most economical fuelling solutions.
5. Turn Off Machinery and Lights
Every little helps when it comes to energy – and this was made clear by Nationwide Bank when they did a little experiment last year. By turning off machinery and turning off lights in rooms which weren’t in use, the head office were able to save enough energy to boil the kettle to make the entire UK a cup of tea. Encourage a green policy in your business and you will not only save money, but you will also be saving the environment.