How To Save Money For Your Business In 2021
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The year 2020 has proved extremely difficult for businesses all over the world no thanks to the rise of coronavirus. Businesses have had to adapt to remote working conditions, make major cutbacks meaning letting members of staff go, and even sadly, some businesses closing their doors for the last time. While we’re still not out of the woods yet, if your business has made it this far, then there are things you could do to help support your business financially to ensure you make it through to the other side. Whether you’re a long-standing business, or you’re still trying to build your way up, check out these amazing tips on how to save money for your business in 2021.
Outsourcing is a wonderful way of making sure all of your business’s needs are attended to without the commitment of hiring someone full time. For example, if you need a bundle of images created for your website and social media purposes, outsourcing a graphic designer will save you much more money than committing to hiring one to join your team permanently. A freelance graphic designer will be able to give you a set price and deadline, complete the work, and then go on their way.
Not only that, while you might not need a graphic designer full time, you could swap contact details with your outsourced graphic designer and use them again in the future, whether that be a month or a year down the line. You can easily find freelancers for all sorts of tasks such as content writing, website design, or even administration purposes on websites such as Upwork and Fiverr. You simply create a job and describe what it entails, list your budget and your time frame, and wait for freelancers to get in touch with you! In some cases, you can browse freelancers and choose them manually, if you’d prefer a more direct method.
Reduce your energy costs
Running a space for your business never comes cheap. When you add up the costs of heating your premises, lighting, and even cooling for food industry premises, it’s very likely you’re paying a hefty sum each month to keep things going. Reduce energy costs by allowing people to work from home more, meaning you don’t have to use every room in the building. You should also look at your energy provider and see if you can switch and save some money. Ambit Energy, for example, was named #1 Fastest-Growing Private Company in America by Inc. magazine, and they continue to pick up steam as the fastest-growing company in the retail energy sector today. Look at your options to save yourself some money!
Switch to paperless
While ink, paper, and other mailing materials don’t cost a huge amount if you’re not careful the total can soon mount up! Not only will you be switching to a more eco-friendly option by going paperless, but you can minimize the costs of paper, ink, etc, and prevent your office from becoming cluttered with mountains of paperwork. Wherever possible, switch to paperless invoicing and billing to help save some extra money.
Use the right technology
Going paperless will mean that you’ll rely on technology much more, and you should make sure that you’re using cost-effective technology to help accelerate your business. PayPal for business, for example, is an extremely effective and fast way of managing your bills and invoices, not to mention the fast transfer of funds. You should also consider using other pieces of software such as Google Docs to effectively manage important documents, Basecamp 3 to keep communication levels high between you and your staff members, and Hootsuite as a brilliant way of managing your social media posts and saving yourself time posting them individually. Using the right technology can help save your business money in the long run by making the way your business runs more efficient; therefore giving you and your staff more time to work on other things.
Go completely remote
Coronavirus has forced many businesses to adapt to a more remote version of their business, and if this has worked well for you and your team – and your business can still run efficiently – then you might consider switching to a completely remote business. Sure, you may need to meet with your team from time to time, but this can be achieved in public spaces or through a platform like Zoom, allowing you to host meetings and presentations to keep your staff up to date.
Going completely remote with your business will save you costs in many different places:
- Prevent you from paying rent on business premises
- Lower to zero electricity and heating costs running an office space
- A different business insurance premium, which could work out lower if you don’t have a dedicated business space. It will make your life a lot easier in case you make a business interruption claim in the future.
Downsize your business premises
If you’re not able to go completely remote with your business, then downsizing could also be an option. If you’ve unfortunately had to let go of several members of staff, the space you’re renting might not be needed anymore. Consider looking at smaller and cheaper premises for your business so that you’re not unnecessarily paying for building space you don’t need or use.
Downsizing will also dramatically reduce your energy consumption, freeing up more money to put aside to help keep your business afloat during these difficult times.
Sell old hardware
Every now and then you’ll find yourself buying new equipment and hardware for you and your staff to use to maximize efficiency, but what happens to your old equipment and hardware? It’s likely that old hardware is tucked away in a room collecting dust. If this is the case, why not sell your old hardware to generate some more spare cash to help keep your business afloat? Your old systems could be worth more than you’d imagine!
As you can see, there are a plethora of ways in which you can save money in your business in 2021. Try out these tips to help keep your business afloat!