A lot of employers are anxiously keeping an eye out for a huge Hollywood disaster, a breach in their fiscal hull that proves totally irreparable. But in reality, it’s not these hull breaches that sinks those financial ships. Instead, it is a collaboration of small leaks that collectively do just as much damage.
Here are a few quick checks you can carry out to ensure your enterprise is ship-shape (sorry).
Though a lot of businesses compensate for employee travel expenses, few actually check to see whether they can get a better deal.
Young Person Railcards allow travellers a third off all off-peak ticket prices, and during July and August - the peak time for summer internships - some stations offer railcard discounts during peak hours too.
Check that anyone under 25 at your company has a railcard if they use the train; if not, buy them one. Your return on investment will greatly exceed the small immediate expenditure.
It can be a mistake to think that just because you got a great deal on energy pricing when you moved into your office, that the same deal is still as competitive two years on.
The market is constantly fluctuating, so make sure that every six months or so, you set aside time to go through your energy bills and compare them on an online comparison site. You might find that you could make significant savings simply by switching to another provider, which can potentially save you hundreds of pounds a year with minimal effort.
Because office space can be hard to come by, business owners are often taken advantage of by landlords charging excessive rent and demanding a 3-5 year lease to tie you up.
Why not try bartering a little? Some companies will let other businesses use their office space in exchange for services. This allows you to expand your client portfolio, make contacts through referrals and save money all at the same time.
Some business owners are even thinking outside the box by converting rented houses into offices. It can be a great way of cutting costs in the long run, so consult your accountant and the local council about the legal precautions you’ll need to take if this is a route you would consider taking.
Solar panelling is becoming more and more popular as a source of clean renewable energy in offices, but the initial costs can be staggering. If you don’t have enough to make the investment at the moment, you can start with some cheaper energy-saving alternatives, such as LED lighting and sensor switches in rooms you don’t often use.
Of course, the best way to save on energy bills is to ensure employees switch off equipment before they leave work and that the heating is only on when it needs to be. It’s a routine every business owner should enforce.
Have you ever heard the adage, “Give a man a fish and you’ll feed him for a day; teach a man to fish and you’ll feed him for a lifetime”?
Well, it’s true. Learning how to do tasks that you currently outsource not only saves you money in the long haul, but it also equips you to deal with a wider range of tasks and issues in the future.
Obviously, there are some jobs that you won’t be able to do yourself - teaching yourself graphic design is a little too ambitious - but for things like press releases, you could hire a PR consultant for an hour to sit down with you and teach you the basics instead of hiring them for every update.