When the expenses of a company exceed its profits, the business often ends up in bankruptcy. Fortunately, you can prevent this from happening by taking simple steps and actions that will save the company money in the long run.
Here are a few ways to ensure that your business stays a float:
Invest in Technology
Using advanced technology in your business has great benefits. It allows the use of machines that perform tasks more efficiently and quickly.
- Use computers instead of fax machines.
You can use computers in several ways like e-mails, chat, internet, and documentation while you can use the fax machine to send and receive hard copy documents. Doing away with this can save you from massive phone and electric bills in the long run.
- Use Voice over IP.
Instead of paying for several phone lines, promote the use of internet calls through Skype, Google and Yahoo voice. It reduces expenses by removing unnecessary phone bills. If you truly need a landline then make do with one and use it for official purposes only.
- Go paperless.
Send e-mails or chat your employees when you need to pass a memorandum instead of printing them out. Being paperless can save you tons in supply purchases. For transactions with paper, use recycled paper and only provide a limited supply for the entire staff. The method is not only time-efficient, but also environment-friendly.
- Conduct meetings and presentations online.
Avoid personal clientele meet-ups if possible. Instead, do an online conference to save on time, effort, meal and transportation expenses. This also allows multiple meetings in a day and hectic businessmen will appreciate it.
- Opt for cheaper ISP and web hosts.
Small-time providers are inexpensive because you don’t have to pay for branding. Most of them are also more lenient in terms of data caps and bandwidth. Get plans with limits so you can monitor your usage.
- Purchase LED over fluorescent.
Use energy-saving bulbs like LED that are cheaper and brighter than old-style fixtures. Install monitoring sensors so your lights only function when needed. Open the windows in the morning and rearrange your office so you can maximize daylight.
- Use centralized air-conditioning.
A centralized air-conditioning system avoids excessive use. Set the thermostat to a specific time so it automatically shuts down after office hours.
- Sell old machines.
You can make more money by selling old units online, instead of letting them go to waste. Make sure they remain in good, working condition so you can fetch a good price.
- Choose budget fares over first class.
If travelling is a must, opt for light fares and book in advance to avail of promos. Avoid bringing a lot so you don’t pay for baggage. You can also try airline – offered accommodations bundled with your booking for short trips.
- Offer optional leaves or incentives.
If the office workload is less, offer optional workday leave to your employees or let them work from home. This saves you a lot from utilizing the office amenities.
- Hire interns or fresh graduates.
Instead of hiring specialists, try hiring young professionals with quick learning abilities. You don’t pay for their specialization but you can train them in accordance to your company’s needs. Offer them a promotion after a while so they stay under you.
Running a company need not be costly as long as you are creative and disciplined. Developing employee responsiveness is the key to success.