Simple ways to cut business costs in 2017

It’s smart for business owners to enter a new calendar year with thoughts of streamlining, maximising and cost-cutting. But tightening your belt needn’t be uncomfortable. Here are several painless ways to make small changes with big results, and set yourself up for a profitable 2017. 

Assess your workforce and maximise their productivity

You might have untapped skills amongst your employees you don’t even know about.  Look at your staff with a fresh eye and identify where their abilities might be better used, or where a little training might realise potential and boost efficiency.  Nurturing talent in your workforce can also lead to increased job satisfaction, which feeds morale and productivity even further.  As the Telegraph notes, studies show a happy workplace can increase profits dramatically.

Streamline your time-management

Examine your schedules and discover where time can be saved.  Incentivise your employees to meet deadlines and emphasise the importance of punctuality.  This could be as simple as offering staff rewards for good timekeeping or giving the rotas an overhaul.  Small amounts of time reclaimed here and there can add up to large financial savings.

Take a good look at the books

You’ll no doubt perform wastage audits as a matter of course, but an extensive and in-depth audit can uncover things you’ve missed.  Closely examining hours of operation, service and utility costs, product pricing and miscellaneous expenditure, to name just a few, can make a significant cumulative saving.

Embrace digital alternatives

We live in a digital age, and it makes good business sense to embrace this.  More and more businesses are partially or entirely moving online, and even if this seems to drastic a change for you, using just a few digital resources in place of paper or outdated physical options can cut costs substantially.  If you print your advertising, consider replacing some of it with an online presence.  It’s far cheaper, and as it reaches a much wider audience, it can also extend your client base and increase sales.

Reassess vehicle costs

Where you own, it could well be far more economically savvy to consider one of the van leasing deals offered by providers such as Leasewell.  If you’re a recent startup, leasing a vehicle as opposed to buying could avoid a greater initial outlay and replace it will small monthly payments.  And if you’re an established business and it comes time to replace a vehicle, this might be a great option to consider.  Commercial vehicle specialists such as Leasewell have a range of offers tailored to your business needs, with a price promise, so you know you’re getting the very best deal possible.

        

Go green

It doesn’t just benefit the planet – it can help your bottom-line, too.  Ensuring energy usage is pertinent and isn’t wasteful (lights aren’t left on, heaters aren’t running when no one’s there to need them) can cut utility costs significantly.  In 2013, The Guardian published the results of the WWF’s 3% Report, which estimated the return on investment for green interventions at 233%.

As you move into 2017, you can feel positive in the knowledge that it doesn’t take sacrifice to cut costs.  With some relatively minor adjustments, you can save money, revitalise your assets and keep your business thriving.