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4 Money-Saving Measures Any Business Owner Can Implement
Unless you’re at the helm of a Fortune 500 company, it’s likely that you’re always on the lookout for new ways to save money by tweaking your company’s operations. When you’re in money-saving mode, you understand that even a small change can rack up a lot in savings. To help you in your quest to save money, consider implementing these four practices.
Pay for Skills, Not for Experience
When you post a job opening, it’s normal to include a laundry list of all of the qualifications you’re looking for in an applicant, which often includes a minimum amount of job experience. The thing about hiring experienced workers is that they have the ability to command top dollar, seeing as your competitors desire a worker with experience as much as you do. Although, if you’re looking to save money, then try hiring workers that have the skills necessary to perform the job, but lack experience. Often times, they’ll be so eager for the chance to work and gain experience that you can onboard them with an entry-level salary and let them work towards better benefits, which can total a fraction of the cost of what you would have to pay a worker with experience.
Conserve Electricity and Heating and Cooling
The heating and cooling bill for your office can be significantly reduced with careful oversight and the right solutions. The alternative is to leave the lights and monitors on overnight, as well as your HVAC system. It may seem like a hassle to walk a lap around the office at the end of the day and turn everything off, but it’s a hassle that can save you a ton of money. Ideally, you can train your staff to do these tasks at the end of their workday, and computer peripherals like monitors can be set to turn off after a few minutes of inactivity. Smart lights and thermostats can be used to manage energy use (they’ll end up paying for themselves). Also, try designing your office in such a way that the rooms utilized the most have windows. This will allow you to spend less on electricity needed for lighting.
Recycle Your Old Equipment
It’s a win-win scenario when you’re able to trade in old equipment and ink cartridges to vendors and they give you a discount when purchasing new equipment and ink. There is a variety of companies that incentivize recycling in this way. Be sure to ask about this before making your next technology purchase.
Outsource as Much as You Can
In business, one of the surest ways to save time and money is to outsource a responsibility to an expert. This applies to everything from the delivery of your product, to the cleaning of your facilities. One surefire way to save money is to outsource the maintenance and oversight of your company’s IT network. SemTech IT Solutions can handle this responsibility for you, as well all other IT responsibilities that may be eating up more of your resources than is necessary.
These are just four ways that you can tighten operations and create some breathing room in your budget. What are some reasonable changes that you’ve made to your business that have yielded major savings? Feel free to share them with us and other business owners in the comments below!