It’s one thing to create a small business budget, but another thing entirely to do so with the idea of saving money.
You don’t want to make changes at the risk of harming your company, but it’s critical that you seek out any and every way possible to keep more money in the bank. This will only benefit you in the long run.
Of course, this leads to the million-dollar question: what’s the best way to save your small business money in 2021 and beyond?
There’s no simple answer or one size fits all solution. However, there are some basic ideas almost every small business can consider. Here are five of the best:
1. Shop for More Affordable Office Supplies
There is no shortage of stores to shop at in today’s day and age. You can shop online to easily compare office supplies and products. Or you can shop at a local retail store in search of sales.
The best way to find success is to keep an open mind. For example, seek out a zero waste store online to see what they can offer. In addition to money savings, they sell products that are good for the environment.
Something as simple as bamboo toilet paper can save you money. What do you think about that?
2. Cut Back on Energy Use
This is easier said than done, but there are a handful of simple changes you can make that’ll help you save on energy costs.
Start by asking your team to help you reach your goal. For instance, request that they turn off lights and their computers when they leave the office.
Also, you could install a smart lighting system that gives you control from a remote location. Combine this with opening blinds for more natural light and you have a few simple ways to save money on energy costs.
3. Search for More Affordable Office Space
Yes, it can be a hassle to move from one office to the next. And yes, your employees will have to adjust to the change. Some may even be upset with you for doing it.
However, if money is on your mind, this is one of the better ways to save. And that’s especially true if you have been overspending on office rent in the past.
Tip: hire a local real estate professional to help you find what you’re looking for, both in terms of amenities and rent. You may even find that you’re in a position to buy office space right now. This can save you money over the long haul, as you have the opportunity to work in a rent-free environment down the road.
4. Invest in Training
In some cases, you have to spend money to save money. And that definitely holds true with an investment in your training program.
When you invest in training, your employees are more likely to provide a high level of performance. Subsequently, there’s a greater chance of boosting revenue.
Also, a good training program will reduce the turnover rate, which again saves you money. There’s nothing worse than taking the time and money to train an employee, just for them to walk out the door after a few weeks or months.
5. Go Virtual
Due in large part to the COVID-19 pandemic, more small businesses than ever before have ditched their physical workplace and moved to a 100 percent virtual experience.
Allowing your team to work from home has many benefits, including the ability to save a lot of money.
Imagine never again having to pay rent for your office space. Imagine never again having to buy office supplies. Think about how much you would personally save commuting back and forth from the office.
Yes, a virtual company has new expenses, but you’re likely to find that you’re in a position to save overall.
These are far from the only ways to save your small business money, but these ideas are sure to get you thinking.
Even if you only save a few dollars here and there, it’ll go a long way in improving your financial situation over the course of an entire year.