Money Savers for Small Business
Rent is one overhead expense that you may be able to decrease. Look into renting industrial space rather than commercial office space. The reduction of your monthly rent can give you the breathing room you need to stay in business.
Big expenditures can wait. Do you need big office equipment at this time? Can you lease rather than buy? Review what a necessary expense is and what can be held off until you’re in a stronger financial position.
When buying supplies, buy in bulk. Assign a person, perhaps an office manager, who can monitor the use of supplies and supply them to employees when necessary. This reduces waste and the unnecessary expense of continually purchasing supplies.
Consider the necessity of an inter-office phone system. Most employees carry a cell phone and most intercommunication is done through the computer systems. An inter-office phone system will most likely be unused and that money could be better spent elsewhere.
If at all possible, don’t have a company car. Between gas, insurance, and car payments, the value of having a company car available is not worth the investment.
Staffing
Discuss the possibility of changing your work week to a 4 day work week. Work days can be extended to maintain the same amount of working hours. An entire day of overhead costs is eliminated and your employees save by not having to commute that day.
Consider outsourcing projects that are not your employees’ area of expertise. Over time, the money that would be paid as current employees get up to speed on the latest information would be saved, as the experts get the job done on a shorter timeline.
Do you have a seasonal business? If so, consider hiring temporary or seasonal staff with the understanding that they are only hired for a specific time frame. Incentives can be offered to returning seasonal staff which can eliminate training costs and get you a veteran team that’s ready to go at the start of your peak business.
Small amenities like snacks, coffee and sodas in the office kitchen, will eliminate long coffee breaks to the store and get employees back to their desks more quickly. Staff will recognise the company’s consideration and be more energized and appreciative.
Can some of your employees come in during off hours? If at all possible, find out if your employees can tailor their hours to curtail ‘rush hour’ traffic. This will provide you with more relaxed employees who aren’t late due to traffic congestion.
Look into having a gym at the office or get a discount for your employees with a gym in your area. By offering your employees this perk, you will have employees who want to come in early or stay late to use the gym. In addition, your employees will be healthier, decreasing the amount of sick leave you will have to pay.
Liaise with a couple food outlets in your area that can offer both delivery and a discount to your employees. Employees will be more present in the office and less time out getting lunch.