5 Tips for Minimising Expenses in the Workplace

Guest Post – Peninsula Group

Expenses build up quickly for businesses of all sizes. The good news is, they are easily cut down with the right tactics.

1. Rent out unused office space

Co-working spaces have become very popular over the last ten years. You could make the most of this by renting out unused space in your workplace.

If space is limited space and your business is small, you could share facilities such as the bathroom, kitchen and common areas. Alternatively, if you own a whole building, other companies could occupy unused floors and have their own self-contained spaces.

Shared spaces ease financial burden, but can also create a feeling of community and open up to new business opportunities.

2. Outsource wisely

Outsourcing areas of your business can reduce costs by cutting out overheads like staff wages and training. For example, an external HR provider could mitigate the need for a HR manager within the business, and deliver solely what your business requires.

For small businesses, functions like HR, IT and marketing are often handled by the existing workforce. This is okay as a stop gap, but in the long term can distract staff from their main roles and what they do best. In these cases, outsourcing activities to specialist businesses lets you focus on core tasks and ultimately, grow the business.

3. Assess the market

If you use suppliers, vendors or brokers in any part of your business, explore the options before settling on one. Collect bids from interested businesses and compare offerings and prices before choosing. Different companies offering the same services will be competitive, so it’s worth negotiating to get a good deal.

When you have picked a supplier, remember to review the contract. While it may be time-consuming, doing the extra bit of work ensures you are not overspending.

4. Go green

It is not uncommon for employees to leave their PCs on standby through the night and or even over the weekend. Encouraging staff to turn off their computers, lights and charging stations at the end of the day reduces energy consumption and costs. You could also replace standard light bulbs with energy efficient ones. Consider making energy saving part of the company culture to include all your workers.

Another easy change is to go paperless. Use as much electronic communication and documentation as possible to minimise printing and paper waste. This is positive for the environment and saves on office supplies.

5. Move office

The nature of running a successful business is ever changing. Because of the progress we’ve made with technology, location is no longer an issue for many businesses. Changing your business location can drastically reduce overheads without compromising on the quality of service.

Of course, this does not apply to every business. For those that are client-focused and have walk-ins they would like to impress, being in a specific location is an important part of success.