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7 simple ways to reduce overlooked business costs amid the cost-of-living crisis

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At this moment in time, we’re experiencing an unprecedented cost of living crisis. High inflation has outstripped our current wages, and running a business is more difficult than ever. If your business is still racking up high costs, and you’re not sure how to reduce your expenses, we’re here to help. Explore 7 simple ways to reduce overlooked business costs amid our current cost of living crisis, below.

Run your business on the right equipment

Quick, reliable, and cost-effective equipment can save a business from financial ruin! Products such as a digital duplicator machine print thousands of important advertisements and documents at a faster and cheaper rate than a traditional printer. Make sure your business is making a one-time investment in the right equipment, to reap endless savings later on. 

Cut down your utilities

Instead of leaving the lights on and equipment running after work is done for the day, complete an action as simple as turning everything off! Utilities are one of the most costly expenses a business can face. Don’t forget to explore cheaper options for heat and energy in the office, too.

Work on your negotiation

If you work with a variety of different service providers, common in the catering and construction businesses, work on your negotiation. Negotiate better deals for supplies and stock, citing the cost-of-living crisis as a pressing issue. A small reduction in cost here could improve overhead costs by a significant margin. If your suppliers won’t budge, looking elsewhere for a better price is advisable.

Give virtual resources a try

There’s no point living in an age of technological innovation, if you don’t use the technology! Give virtual resources a try. By virtual resources, we mean conducting business virtually – whether that’s through Zoom, Microsoft Teams, Skype or even hiring a virtual consultant to handle time-consuming admin. This cuts down on travel expenses, and the cost of hosting a meeting or conference.

Work with your employees

Work with your employees, not against them. The cost-of-living crisis affects them most of all! A simple way to ensure your employees are maximising their output, being the most productive they can be for business, is to encourage the completion of tasks on set deadlines. Organise a clear schedule for staff members and promote teamwork amongst different departments. The more happy and united employees feel, the more your business benefits financially. 

Take in interns

If you’re wary of hiring more full-time employees, consider hosting interns for work experience programmes. They often work for free, or minimum wage. This is a mutually beneficial relationship; you write a good reference for a hard-working intern, and they’ll help your business progress and push through hard financial times! Even something as simple as an intern organising  loose papers or handling emails is invaluable help at a reduced cost.

Recycle and repurpose furniture

Every workplace needs to be kitted out with functional furniture and appliances. Recycling and repurposing these furniture pieces and appliances save you thousands of pounds! Thrifting no longer has a bad reputation and refurbishing old furniture can be just as effective and attractive as buying new. Even used printers and faxes are useful!

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