As a business owner, one of your most important goals is generating a profit. Doing so shows your business is successful. However, there are many costs that can hold you back from breaking even and producing a profit. As we head into summer, it’s important to look at your business and look for ways you can save business money while still delivering exceptional services and products.
Below, we’re going to cover the top five ways you can save your business money this summer. From energy-saving tips to more efficient ways to streamline your everyday processes, these tips can help your business shell out less money each month.
1. Go Green
Going green has many benefits—it saves you green, can be a great PR move, and keeps the environment happy. As we head into summer, warmer temperatures are sure to follow, which means you may want to blast the AC to keep you and your employees cool. However, this can make your energy bill skyrocket. Take a look at some ways you can save energy, lower your electric bill, and keep your employees satisfied:
- Maintain your HVAC system as the summer months approach by having an HVAC technician tune it up, make any repairs, and boost performance.
- Conserve water by investing in motion-controlled faucets, water-saving toilets and urinals, and repairing any leaky or outdated pipes.
- Replace conventional light bulbs with energy-efficient light bulbs, such as compact fluorescent lamps (CFLs), halogen bulbs, and LED bulbs, which last longer and use less energy. Additionally, if possible, keep your lights off if the office is bright to keep the heat down and save energy.
- Block the sun with awnings, sun shades, and blinds to keep the inside temperature down, and seal any windows and doors to prevent warm air from entering and cool air from leaving.
- Invest in a smart thermostat that can help you plan your business’s energy use and can shut off the AC when no one is in the office.
There are many ways you can save energy and money this summer. For a more comprehensive look at your company’s energy use, have a professional conduct an energy audit that will show what factors are wasting the most energy and how to save.
2. Use the Cloud
If you’re not using the cloud, it’s time to make the switch. The cloud allows you to avoid expensive hardware by hosting your data with a cloud-based service. What does this mean? You can store your files and documents on the internet, rather than on a single computer’s hard drive. In the long run, this can save you money by not having to maintain expensive software. This also means files can be accessed anywhere there is an internet connection, which means improved productivity and collaboration.
On top of using cloud-computing services, such as Dropbox and Salesforce, there are many companies that use cloud computing to conduct business. For example, rather than hiring an accountant that charges hundreds of dollars per hour to file your taxes, you can use professional tax software that gets the job done at a fraction of the cost.
3. Consider telecommuting
This summer is going to be much different than any summer we’ve experienced yet. As the coronavirus swept across the globe, thousands of businesses were forced to shut their doors to prevent the spread of this deadly virus. However, many companies found that most of their work can be done remotely. While telecommuting isn’t possible for all businesses, it can help you save money and keep your workers employed if business can be done online and at home.
Plus, with cloud computing, your employees will still be able to collaborate on tasks remotely without having to interact face-to-face. While we’re living in unprecedented times, telecommuting can save your business money by either ending your office lease for good, downsizing office spaces, or using less operating costs and energy while everyone’s working from home.
However, if you do want to return to the office, consider moving into an office space big enough to make everyone feel comfortable returning to work.
4. Focus on low-cost advertising techniques
Advertising plays an integral role in business, but traditional advertising techniques, such as TV, magazine, and newspaper ads, can be expensive. Today, numerous low-cost advertising techniques can save you money and bring more attention to your business. Take a look at some of our favorites:
- SEO: Search engine optimization (SEO) is the practice of bringing organic web traffic to your website through unpaid results. Rather than spending money on online advertisements, such as Google AdWords, you can increase your website’s SEO by producing regular, engaging content, improving user experience, and having a link-worthy site. These are just a few ways to improve the rank of your website, which can save you money in the long run.
- Social Media: Social media is a powerful tool. Why? Because everyone’s on it! Instagram, Facebook, Twitter, Pinterest, YouTube—these are just some of the most popular social media platforms that millions of users log onto every day. Best of all, creating an account is completely free. With social media, you can host contests to attract new customers, produce shareable content that can go viral, and communicate with customers.
- Referral Programs: Rewarding your current customers for bringing in new customers can go a long way. Creating a referral program and providing a reward, such as a $15 coupon off of their next purchase, can help you gain a more loyal customer base.
Through these low-cost advertising tactics, you can attract new customers, increase engagement, and save your business money this summer.
Sometimes, you may need a job done but don’t have an employee that has the skills or knowledge to know how to complete it proficiently. However, hiring a brand-new employee, giving them a salary, along with benefits for one job can take a large chunk out of your salary.
One alternative is outsourcing work to independent contractors to keep your full-time staff small. There are plenty of sites where you can find freelance workers, such as UpWork, Fiverr, and TaskRabbit. On these sites, you can find workers for almost any job, whether it be a graphic designer, carpenter, or accountant.
Running a business is hard work, and juggling your finances can be a headache on top of all the other tasks you have on your plate. However, taking a hard look at different areas where you can save money can help you funnel money into more important areas of your business to help it grow. While these money-saving tips merely scratch the surface on ways you can save an extra dollar, they’re a good starting block to get your business savings underway. From outsourcing work to independent contractors to using cloud-based services to streamline workflow and improve collaboration, these tips can help your business save money this summer.
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We hope you found this blog post on 5 Ways to Save Your Business Money This Summer useful. Be sure to check out our post on 7 Money and Time-Saving Tips to Consider When Moving Your Office for more great tips!
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