When you think about saving money in your business, you probably start thinking about cutting back on tech, outsourcing and changing your margins. But you’re not thinking about the big things that can end up costing a company like yours a fortune. Here are just some examples of things you do to save money that we bet you’ve never thought about. Let’s start with one that companies always overlook.
In the Uk and America, businesses are being crippled by personal injury lawsuits. A PI lawsuit could cost you up to five hundred grand. That’s not including legal fees! That’s how much you might have to pay out if someone is injured on your premises. So, how can you prevent your business being next? Well, we recommend that you start by making sure your health and safety levels are high. You should not leave your business open to a lawsuit if you can avoid it. This is about making regular checks on your premises for anything that could cause an accident. For example, a flickering light in a stairwell could easily cause a nasty fall. We know you don’t have time to deal with these issues so make sure you have trained health and safety officers who will check the building for you. You should also ensure all your employees are regularly trained in the latest health and safety procedures.
If you are using old technology that eats up electricity, your high costs for running your business are your own fault. The latest tech has fantastic eco-friendly power settings. If you think about how many computers you have in your office right now, you’ll realise how saving energy will save your business a fortune.
As well as this, you should be looking at making small changes that are going to make a big difference. For instance, something as simple as switching to energy-saving light bulbs could end up saving you a lot of money in the long run. Or, what about making sure your computers and lights are switched off at night?
While thinking about going greener, you should be considering increasing your recycling. Think about how much you pay in landfill charges at the end of each year. Don’t forget if you haven’t been hit by fines for dumping as a business you soon will be.
The law is constantly changing to being more friendly towards the environment and punishing the businesses who aren’t. Setting up a recycling scheme will be a small fixed cost but after that, you’ll be saving a lot of cash.
Finally, we know that businesses are spending a lot of money on marketing. Marketing that they don’t need to pay for. The fact is that most business promotion is completed online these days and with a little know how you can set it up for free.
As one example, it’s easy to get social profiles active. All you need to do is constantly update them and link them to other parts of your marketing. By doing this, you’ll even increase your SEO and you won’t have spent a dime!