Nothing is more true than the statement above especially for a small business owner. Every penny is important as one gets the business up from ground and toils hard on making it profitable day in and day out. Here are a few simple ways to save small amounts of money on your day to day operations that can add up to a large number over the course of a year and beyond
Turn off electric/electronic appliances
Do you know if someone is in charge of turning off all electric appliances in your office after close of business? Do you think there is hardly any savings in doing that? Think again, leaving a single computer on overnight can have you paying more than $200/year
You can do the math, cant you! Similarly, think through all other appliances that probably don’t need to stay ON after close of business and the savings can be significant. To ensure enforcing this habit, you can leverage gamification and get your employees volunteer to take charge of ensuring that electric appliances are turned off in lieu of some reward which further helps build employee motivation. Energy savings in itself is a sizeable bottom line lever you can play with to save costs
Leverage Telecommute & Co-working Spaces
With technology advancements and disruptive real estate options such as Co-working spaces, you can totally get rid or atleast delay the day to day expense of running a physical office location. Rent out a co-working space on specific days to conduct meetings/gatherings; rest of the days have the employee(s) work out of their comfort and leverage advanced telecommuting tools like Zoom etc. to make sure there is seamless communication
Invest In High-Quality Multi-purpose Office Products
Instead of investing in a printer, photocopier, scanner individually – get a high-quality multi-purpose product that allows you to solve all these problems at once. While the one time cost might be higher, the savings on servicing and lower overhead would more than make up for the initial cost in the long run. Moreover, while evaluating say photocopiers for office – make sure you inquire about the day to day costs (cost per photocopy) and make that part of your purchasing criteria. This will ensure that you don’t end up with a penny wise, pound foolish approach to purchasing.