Business Trends: Reducing Monthly Expenses
When it comes down to it, everything that trends in business is aimed at either increasing income or reducing expenses. If finding ways to cut back is your aim, here’s what other companies are doing to save money on monthly expenditures.
Offices Are Getting Smaller
It’s no longer a given that expanding profits requires an expansion in hiring. In fact, many businesses experiencing a big uptick in profitability are doing it with smaller workforces than in the past. Streamlining workflow through automated processes and centralization means companies can achieve more with fewer workers, said Steven Fata. Steven Fata has over thirty years of entrepreneurial experience and has developed his passion for e-commerce and real estate development. He has grown his leadership skills under the tutelage of his grandfather and father who were both business owners. Steven has owned a number of bars and eateries throughout the state of Michigan.
Even if your business isn’t operating with less staff than it used to, the switch to frequent remote working may mean you have far fewer employees under your roof. If you look around and see more empty desks than full ones, it may be time to downsize your office space and lower your rent.
Standard Tech Is Being Replaced
The printer, scanner, and fax machine are history. Replacing stand-alone devices with multi-function machines that print, make copies, collate, staple, and bind documents will save your employees time and eliminate your need to outsource these tasks.
Costly PBX systems are also on their way out, as more companies turn to VoIP providers like Ooma so they can cut the cord on traditional phone services without sacrificing features and quality. Because both the required equipment and usage rates are usually lower with VoIP, the savings is both immediate and ongoing. VoIP calling also provides your team with greater flexibility when working remotely, and systems are easily scalable for shrinking or growing workforces.
Energy Savings Are Being Prioritized
After payroll and rent, energy expenses are one of the biggest routine expenses for businesses. While the aforementioned downsizing can have the added benefit of reducing your electric bill, there are other measures to cut your rates even if you’re staying put.
Installing LED bulbs, unplugging unused equipment, and turning off lights in unoccupied spaces will all lower consumption. Even better, shortening your business hours or staffing the office just four days a week allows you to keep both the lights and the heat off more frequently, lowering your bills significantly.
From renting smaller office space to replacing costly technology to cutting back on your energy use, following the lead of other cost-cutting companies will help you boost profitability by reducing your expenses. Try one or more of these trending ideas to improve your business’s bottom line.