How To Cut Costs Without Cutting Business

BradYoung04 By BradYoung04, 17th Jun 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/4reeut42/
Posted in Wikinut>Business>Business Opportunities

With the expenses of running a business ever rising, technology, travel, banking and even just the workings itself can be costly. Here are some tips to help cut costs.

Introduction

With businesses expanding on such a phenomenal scale as they are today, travelling across the world for meetings, conferences and events has turned into an expected thing to do.

A huge factor in the development of international trade and the advancements in business that we have seen over the past quarter century are hugely to do with technology. From the simple internet that is so integral to everyday life to 3D printing, technical developments are re-shaping our world as we know it! Yet keeping up to date with the latest technology can be very costly, especially in business where a company may well be reliant on it.

Latest Technology

Cloud technology is revolutionising the way that we use the internet. As a web based tool, cloud computing does not require a direct connection to a server and so information stored on it can be easily accessed remotely. This means that working whilst away from the office or from several different offices has now become the norm, without having to compromise efficiency.

Aside from providing a reliable and effective information service to share data as quickly as possible across the world, cloud technology has improved the capability of using emails and conference calls to communicate across different locations. This not only offers companies the opportunity to work for longer, but also offers the chance to hugely expand their reach across different time zones and cultures because the information is always on hand.

Not only this, but cloud video conferencing is just one of the ways businesses can hold meetings across continents without even having to pay for travel. Such a luxury within a company can save thousands of pounds of expenses while still maximising all business opportunities.

Green Living

One way which compliments the above point is to take public transport or car shares, although realistically speaking this is often not possible in business schedules. Yet by working to be more economically friendly, not only can companies alleviate at least some of their carbon footprints, but usually cut costs at the same time.

Simple things such as using laptops as opposed to computer monitors use up to 90% less energy , or getting rid of the company printer will save you money on ink and paper. If you do require a printer, try to recycle the ink cartridges and print on both sides of the paper to cut costs.

Although considerably costly to set up initially, investing in solar panels is an incredibly valuable way to save your business money and help protect the environment. With government feed-in tariffs designed to encourage businesses and individuals to make the change, converting to solar power is looking more and more attractive. Upon the installation of panels your utility bills will drop instantly as the electricity you use will be free. Generally speaking, a property looks to save £13,900 over 20 years, but this can vary with companies and building sizes.

Efficient Banking

This may sound obvious, but it is surprising how many companies do not realise where their outgoings are actually going. Most of the main banks offer separate business banking services, yet there are also many smaller banks that may be more suited to your business’ ways so do not forget to shop around. Offers such as ‘no annual fee’ or ‘free business banking’ look great but upon closer inspection may only apply to companies that have been trading for a certain amount of time, or there may be transfer charges hidden in the small print. There are many comparison websites that will help provide an overview of many different accounts that could be useful when choosing your bank or looking into whether the account you have already is best for you.

Conclusion

Here are just a small handful of tips that businesses can use to save themselves money here and there, though there are hundreds of others you can try! The most important thing in business is to keep track of your incomings and outgoings so that you know exactly where your money is going. From there you will be able to see where cuts or extensions in spending can take place. Plus, by being economically friendly, generally speaking, most businesses are able to cut costs at the same time, so it is always a good idea to explore these options before committing to one bank account, office supplier or energy deal.

If you've enjoyed reading my cost saving tips for business, why not take a look at my other articles on Wikinut, or follow me on Twitter - @BradYoung04!

Sources:
http://www.smartbiz.com/article/view/2475/1/41
http://www.theecoexperts.co.uk/government-grants-installing-solar-panels

Tags

Business, Business Management, Business Opportunities, Business Owner, Business Startup

Meet the author

author avatar BradYoung04
I am a MBA grad who can transform your business. Follow me for straight talking insights into running successful businesses in a fast paced world. I am always working or surfing in the Californian sun

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