5 Proven Ways for Modern Businesses to Save Money

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Close-up of a person's hand as they pay with a twenty pound note, a ten pound note, and a collection of coins.

In a time of economic uncertainty being able to find long term ways for your business to save money and reduce costs without affecting your revenue and production is key. This article reinforces five proven ways for your business to save money and provides useful insight and advice as to how you too can achieve this.

Office overheads

With remote working and hybrid work an integral component of the new normal way of working, there are thousands of office spaces that are not being used as efficiently as they used to be. This means that you should be more conscious of the costs related to the physical business paces that your business needs. It should start with the simple aspects such as your business energy comparison to find the best supplier to considering smaller spaces, hot desking and other innovative strategies to keep actual costs down and the business functioning as it should.

Strategic outsourcing

There has admittedly been a plethora of information and advice out there and on the internet, urging businesses of all size shapes and types to outsource. Managed IT, software, infrastructure, Human Resources, finance and more are all possible in the cloud. The trick to generating real savings and establishing business financial sustainability is to be able to do any outsourcing in a strategic and planned fashion. Only outsourcing the non-core aspects of the business and only to proven professionals.

Use the appropriate tech

The technologies that businesses have access to have improved and developed significantly over the last few years. Many businesses have spent enormous amounts on keeping up with these changes and sector specific the trends. Whether it is sector or task specific technology as with the tip above, you need to have a clear idea of what your business needs the tech for and then to buy conservatively, focusing on functionality and integration. It’s about the right tech for the right job, rather than simply having the latest tech.

Streamline your advertising and marketing

Look at integrating and minimizing advertising and marketing. The use of big data will allow your business to personalize marketing and the use of social media as a marketing platform. Advertising and marketing has traditionally been one of the spends that is most difficult to determine a clear return on investment (ROI). By personalizing and integrating advertising, using the available statistical analysis of big data and communicating with your customer base will allow you to start making these linkages and determining exactly what your marketing spend brings back to the business.

Negotiate

Regardless of what your business does you will need to buy from vendors and generally in substantial amounts from time to time. Being able to shop around to find the best deals is a foundational requirement for any business that wants to be sustainable and financially resourceful. Being able to discuss, negotiate and bring down prices is about having a great understanding of the market, other vendors costs and a clear knowledge of how much you can afford to pay for what your business needs or wants. Being able to save money as a business is going to one of the defining factors of business success in a time of such business uncertainty. The advice and tips presented herein are simple to understand and even simpler to follow.