1. Think & Save Green For Your Company
Yes, you can actually do good and make your wallet feel good too. Some things that help cut costs include:
- Turning off computers after-hours.
- Switching to LED or CFL light bulbs.
- Consider replacing current irrigation system with smart irrigation technology
- (which could potentially cut your water bill up to 30%).
- Switching to solar power.
Installing new technology, such as solar paneling, can help your business not only save money, but market itself to be green and sustainable. If your business does not have the capital to buy this equipment upfront, consider financing or leasing.
2. Go as Paperless as Possible
With the amount of digital technology that surrounds us, it’s hard to imagine that companies still use large amounts of paper, though, it’s not as uncommon as one might think. Paper is expensive, bad for the environment and, not to mention, time consuming to process. Consider investing in technology that will allow your business to send important documents online. Going paperless also tends to make it easier for employees to organize and find what they need faster. While it may be impossible to go paper free, limiting usage will help reduce overall costs.
3. Review Built-up ‘Hidden Expenses’
Doing a comprehensive evaluation of your monthly expenses can help you pinpoint and decide what expenses may not be needed, or discover unnecessary recurring fees that have been slipping under the radar. Clearing out hidden expenses will help you better understand where your company is at financially, show where you should cut back now and in the future, and therefore aid in better budgeting.
An additional tip is to look for less expensive alternatives to services you use. Since your business was started, more effective and cheaper tools may have been invented. Look into new avenues and see if switching to a more cost efficient product or service is available to you.
4. Increase Worker Productivity
It’s no secret that increasing employee satisfaction will increase your worker’s productivity. Since employees are often the highest cost incurred in one’s business, there are 4 simple ways to increase the productivity in existing employees, such as:
- Acknowledging employees for their contributions. When a worker feels that their work is valued and appreciated in an organization’s goals, it increases their satisfaction, which translates to increased productivity levels.
- Providing small (or large) incentives to motivate employees.
- Investing in up-to-date equipment. A decision to provide your employees with the latest equipment can maximize their productivity, therefore improving overall business profitability.
- Encouraging small breaks and/or vacation time.
5. Rethink Equipment Purchasing Options
When it comes time to purchase new equipment, there are other money-saving options to obtain it than simply using cash upfront. With financing, it is easier to develop a monthly payment plan that can help your business budget expenses effectively. It also allows a business to upgrade as necessary with terms that are often less expensive than buying would be.
As a Direct Lender, American Capital Group provides innovative financing solutions for your equipment needs. Click here to learn how your company can secure the funding it needs in minutes.