Top-5 biggest cost-saving opportunities neglected by businesses

7 years ago

Top-5 biggest cost-saving opportunities neglected by businesses

Running a business isn’t cheap, there are always outgoings and overheads which seem to secretly suck away all your profits, and yet businesses still neglect the simplest money-saving opportunities.

Love Energy Savings have identified the top 5 cost cutting opportunities your business is missing out on.

1. Cut down on meetings

We’ve all been there. Sat in a meeting which was meant to last 30 minutes, on a third cup of coffee, 2 hours later. You look at your notes and, apart from a rather scruffy doodle and the odd bullet point, it doesn’t seem like much has been achieved.
Every business is guilty of booking in meetings which, in hindsight, were unnecessary. While in some circumstances, a face-to-face discussion is the best way to work through a problem or bat around creative ideas, it’s not always the most effective use of everybody’s time, and it could be costing you in terms of lost productivity.

When thinking about setting up a meeting, ask yourself; “is this necessary?” Set an agenda and identify desired outcomes before scheduling it into the diary. Keep it focused and only take in those people who are required. You’ll save time, money and coffee cups!

2. Utilise online tools

We are all aware that the internet is a truly fantastic invention and yet many businesses still hugely underutilise its capabilities. In a truly global economy, your business may be working with suppliers and partners from all over the world, it may even be the case that you have offices in various locations.

Instead of spending a fortune on train tickets, air fares or expensive phone calls why not use Skype? Prices start from £1.30 per user/per month, all you need is an internet connection.

Need to share documents, presentations and assets? No problem, that’s what cloud servers like Dropbox or file transfer tools like WeTransfer are for. So, the next time you require a meeting with your international supplier and the Head Office in another region, set up a Skype call. Share the necessary materials on a cloud server beforehand and host online meetings till your hearts content.

3. Maximise the power of social media

Social Media is arguably the most important innovation in recent decades, connecting people, brands and businesses in a way that has never been seen before. Suddenly, the world has opened up and companies can interact with consumers in real time.

Instead of spending thousands of pounds on a billboard which does not target a specific market and results can be difficult to measure, you can now target your advertising by social strata, age, gender, occupation; the list goes on.

Social media also allows business to capitalise on customer experience. By interacting with consumers; answering queries, responding to complaints, reciprocating likes and shares, suddenly a relationship is being built, in a way that has never been possible for businesses before, beyond the local corner shop.

While there are paid aspects of social media, in the majority of cases, intelligent use is free and better still results are simple to measure.

4. Go Green

No longer reserved for specifically eco-conscious businesses, the march towards a more energy efficient office has now become a matter of necessity, not one of choice. With carbon taxes getting heftier all the time it’s in your business’s best interests to accommodate green measures sooner rather than later.

These can take a variety of forms, from fitting LED lightbulbs to timers; from imposing printer limits to installing solar panels, there are a wealth of options to suit every business and every budget. While this list is about cost-saving, sometimes you do have to spend money to make money. By investing in the initial outlay, the reduction in your energy bills will be worthwhile in the long run.

The Government have started to reduce the amount of subsidies available to businesses but this shouldn’t be a deterrent, especially as our green targets get ever more challenging, complying now will probably save a lot of time and money later.

5. Utilise comparison websites

A trusted comparison website is your business’s best friend. While some third-party intermediaries gain a bad reputation from cowboys who have previously frequented the energy industry, this should not deter your business from working with a reputable alternative.

Take energy comparison for example. Businesses in the UK are currently overpaying by a massive 40% on average on their business energy bills, this amounts to around £1,300 a year!

Many comparison sites out there pride themselves on their commitment to cleaning up the industry. We want to prove that third parties are an important tool for businesses, working on their behalf to save them money. Due to their size and customer base, comparison sites are in a far better position to negotiate cheaper deals on your behalf.

Furthermore, not only do they help save you money, they also save you a lot of time. Time that can be spent exploring the options above, helping you to run your business more effectively and cheaply.

So, there you have it. 5 top tips for saving your business money, some of which you have probably been guilty of neglecting.

To find out more about how much money your business could save on its energy, commercial mortgages, van insurance and more visit our website.

Lucy Liddiard