This is a contributed post from Ellie Jo on Small Business.
Every small business needs to find effective ways to save money. Every little bit helps, and many ways to save are very easy. Although you may have to shell out some cash to make the changes, in the long run, you are going to find yourself with smaller bills and a bigger bank account. Here are a few ways you can help your small business save big money.
Switch To LED Lights
Using traditional bulbs or fluorescent bulbs are a thing of the past. The future is in LED lighting and the cost effectiveness is the reason why. LED lights last about 25 times longer than regular light bulbs. That means that you won’t have to constantly change light bulbs over and over again. That also means you won’t have to buy them.
LED lights also use 75% less energy, which means that you will have a lower electricity bill saving you money. Overall, LEDs are also more green, so you will be doing your part to help keep the planet healthy.
Install Automatic Faucets
Having automatic faucets in your bathrooms can reduce your water bill. Automatic faucets only use the amount of water necessary for handwashing. You cannot leave automatic faucets running, you can’t wash your face, your hair, or do anything that requires a lot of water. You will produce less waste, and your water bill will plummet. Visit https://faucetscanada.ca/ for more information on installing these beautiful faucets in your place of business.
Going digital will save you a lot of money on office supplies. When you offer your customers the ability to email them receipts, contracts, and paperwork, you won’t have a large budget for printer ink, staples, paperclips, or pens. If a customer wants something on paper, they can go home and print it out themselves. This way you can keep your budget numbers down, and things like office supplies add up.
Shorten The Work Day
If you can, shorten your work day. If you are not a customer facing business, be productive in a shorter amount of time. This will save you money on labor, heating and cooling costs, and keeping the lights on.
If you are a customer facing operation, try and operate on less days so that you make the most out of the time you are open and you won’t have extra expenses to keep the doors open if it turns out to be a typically slower day.
Where you can, outsource some tasks. Things like HR, accounting, and IT can all be done by outside companies that cost less than having your own employee filling that role. The smaller your staff, the more cost-efficient running your operation is going to be.
If you need a larger staff, overstaff. Scheduling more employees for a few shifts or days means that you are going to be paying out less labor and hourly salary. Run an operation that is full of part-time employees instead of full-time employees.
Next: Find out how to change hyperlinks to text in a spreadsheet.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.