Company profits come and go as the market changes. If you are struggling to keep your company moving forward and growing, here are a few ways you can cut costs during the downtimes.
1. Electric Charges
Although many companies understand that electric charges are going to be exorbitant when they have a business with customers opening doors all day every day, the fact is there are ways you can still cut electrical costs. Attach your computer, printer, and other electrically powered equipment on a power strip and remember to turn the items off for the 12 to 14 hours no one is in the building and on weekends. Use an automatic door closer if you have customers that leave the door open and remind employees that leaving the back door or windows open when the heat or air conditioning is on can cost the company hundreds of dollars a year.
2. Meeting Cuts
One of the most reliable ways to cut costs in a company can often be the simplest – cut meeting times. Try and keep meetings to virtual encounters to save on housing, travel, and meal costs, and remember that when you have an office meeting, it may be costing you hundreds or even thousands of dollars an hour. For that reason, it is best to keep meetings as short as possible.
3. Garbage Spaces
As the space around cities and towns becomes compacted with more garbage than at any time in history, the charges for hauling the debris away from homes and businesses have begun to rise each year, and sometimes those costs seem almost prohibitive. By using a commercial trash compactor to save space on the garbage removal space your company gets charged for, you can save a surprising amount of money each month. In addition, some areas allow for specific compacted goods to be applied toward the bill. This can include baled or compacted paper products, cardboard, and metal products.
4. Grab Interns
If you have the type of business that can utilize an intern, grab one as often as they are available, and once trained, consider hiring them to help save on employee training costs. The savings can build up quickly when you use interns – from wages to office space to benefits.
Using the list of four tips above can help you save money, but there are hundreds of little ways your company can save costs in the coming year. If you think beyond the limits of your experience, you can find ways that will surprise and delight you.
