Most Popular

How You Can Make Savings at Work

Making money in business really comes down to two simple actions - increasing your profit, and reducing your overheads. Many small businesses focus on the first one, and often miss some easy ways to reduce their expenditure. When a business can save money on their operational expenses, without compromising on the quality of their output, product and customer service, then they are really on the track to success. When you first begin a business, there are a lot of upfront costs to contend with - it costs an average of £6,315 to set up an office and that’s just the beginning. Once up and running, it's often the incidental costs that we don’t think so much about that can add up. Luckily, that means it's also an easy place to make savings….

Sort Out Your Printing

Printing is an area where big savings can be made. The average worker prints 24 pages per day - 17% of which go completely unused. In fact, printing can cost up to 3% of annual revenue and be the biggest company expenditure after rent and payroll. Using managed print services by working with a supplier like DMC Media Solutions can really help to reduce this cost. Not only can various limits and default options be set (such as switching to double-sided black-and-white print as the system default) that make instant savings, but better education among staff on the print settings and how to use equipment like the fax, scan, print and photocopier machines properly can also save money. With proper use and maintenance, you’ll have less breakdowns meaning less IT support is needed and there’s less frustration and wasted time from staff dealing with document management.

Find Smarter Ways to Advertise

The marketing budget can often be a worry for small businesses - you need to get your name out there and find customers, but you also don’t have limitless budgets for attracting new business. Think about the channels that you already have available to you first. Remember that it's much more cost effective to increase the business you do with existing customers, and use all your points of contact with them - emails, invoices, product handover - there are lots of places where you can communicate a special offer. Introducing a loyalty scheme is also a brilliant way to generate new referrals and keep customers happy by extending a small discount in return for their recommendation.

Switch To A Serviced Space

Do you really need your own office all the time? Now that the global pandemic has forced many small companies to work from home, we are all beginning to realise that we might not need dedicated office space. It may be a more efficient option for your company to move to a serviced office model - this means access to facilities such as a reception desk and meeting rooms, as well as hot-desking space, without the overheads of your own office building.

There are lots of areas to look out when you start thinking about streamlining costs - print management is just the start of it. Make it a regular focus of your business and you could soon be in a much better financial position.