5 Simple Yet Effective Ways Small Businesses Can Save Money
It’s true that you can start a business with virtually no money. The popularity of online shopping is proof that you or anyone can hustle and open a shop online. With start-up capital therefore not a problem at the onset, what can you look forward to as a small business owner?
Costs can pile up in your small company as you grow, hire more people, invest in office equipment, and quite possibly, move to a bigger location. These ordinary, albeit necessary, expenses can hit your bank accounts. What’s the best way to deal with office overhead costs and to keep them under control?
Take a look at these practical, cost-saving mechanisms you can implement in the workplace.
1. Buy Used PCs
Used computers are priced considerably lower than their new counterparts. You can also look into refurbished PCs that have been restored to working condition. It’s even more practical to buy secondhand computers if work tasks don’t need top-notch specs or involve intensive programs.
Go over these three points when buying refurbished PCs:
- Tally the costs of accessories needed for each computer to know if the total cost makes better sense than purchasing a new set.
- Remove all viruses, tracking programs, and all other threats from each PC
- Prepare money for repairs that, to be fair, can happen even to brand-new computers.
2. Download Paid Programs for Free
Software applications and tools create an efficient and productive workplace. You can scrimp on the cost of buying computer programs by downloading them from websites for free. However, check that it is safe and legal for you to use such sites.
If you are having doubts about buying an app or program, you can use its free trial version, available in the software developer’s official website. You can delay spending on such software or find out that you don’t have much use of it in your normal operations.
3. Utilize Energy-Efficient Power Strips
Power strips or extension blocks multiply the power of your main outlets. Not all multi-outlet strips are created equal; some of them are devised as smart or energy saving to help reduce electricity costs.
Energy-efficient power strips mainly address phantom load, which occurs when appliances consume energy while in standby mode and results in energy waste. A smart power strip can detect an idle gadget and cut off the power supply to that appliance. Other plugged appliances can continue to draw power from the strip.
4. Adopt Sustainable Energy Practices
Ingrain a culture of awareness and sustainability in the office. In line with point no. 3, implement easy-to-carry-out practices on the use of energy. You can start with switching off lights, unplugging the coffee maker or microwave, and turning off computers. Take advantage of natural light, and schedule regular maintenance for your air-conditioning unit.
Going green has a positive impact on your company’s utility bills and the community as a whole as you look into a comprehensive energy-reduction plan.
5. Use Social Media and Referral for Job Postings
Online job boards cast a wide net when looking for talents to fill a position in the company. However, memberships in such sites can rack up to hundreds of dollars a month, according to Fit Small Business. Against this backdrop, use your social media presence to generate interest for the company and scout job seekers.
You can also design a robust referral program to encourage employees to recommend the most qualified person they know for the position. Referrals can spare the company from combing through countless résumés and scheduling prospects for an interview. Plus, you have the employee’s word to vouch for the candidate’s abilities.
Invest in the Future
Understandably, you don’t have all the resources to focus on things that are unseen, like the mental health of your workers. As early as now, however, you need to start looking into programs for employees who may be showing signs of stress and drug use that can affect their efficiency and productivity.
Drug testing can be one way to see how your employees are doing. If they find out about a drug test, they’ll be sure to do their due diligence. That means, they will stop taking in the substance and try detoxification methods. Hair testing is particularly potent because it can detect traces of drugs in the last 90 days.
The recommendations in this article entail up-front costs, although generally not higher than those done conventionally (e.g., buying everything new).