When it comes to running a small business, it’s important to keep costs to a minimum—as any possible cuts to overheads can have an immediate impact on profit. Here are seven cost-saving tips to keep in mind.

1. Install energy efficient bulbs

It may not surprise you to know that energy-efficient bulbs cans save you money in the workplace—whether that’s an office, factory, or shop floor. However, you may not be aware of just how much you can save—typically, businesses who upgrade to LED lighting can save around 75% on their annual lighting bills.

2. Get smart

Many businesses use standard energy meters and are unsure not only of the tariff they are on, but how much energy is consumed on a regular basis. Smart meters allow small businesses to continuously monitor usage, meaning you can view trends and keep control of energy spend pretty much in real time.

3. Invest in energy-efficient equipment

We know the saying goes “if it ain’t broken, don’t fix it”—but it could be that you’re haemorrhaging energy (and money) if your equipment is a few years old. Switching to up-to-date office tech (such as laptops and printers) and larger equipment (such as high-efficiency refrigeration equipment or biomass boilers) could help you significantly reduce your energy bill year on year.

4. Reduce waste

Reducing waste can help any business, as this can lower waste disposal costs. Depending on your business industry, there may be compliance targets to meet, or if you have a physical product you may benefit significantly by simply improving your processes to reduce waste and increase output.

5. Involve staff and clients

One way to keep costs down is to encourage staff, and any clients or customers who use your business premises, to get involved in any initiatives. For example, you could put up signs asking people to switch lights off when not in use, and to power down equipment at the end of the day. Offering an incentive may help to get staff on board.

6. Look for unique business savings

Not every business is the same; every business has different equipment, different premises, and different demands. You may find that your business overspends on printing, or on sending out a high volume of direct mail rather than email. Or, alternatively, your heating and ventilation systems may be dominated by the use of electric fans and heaters, where a communal system could prove to be a better use of energy.

7. Get the experts in

Don’t know where to begin? The Boxfish team are ready to help. You can get started for free with our no-obligation review.

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