10 business tips to spend less and make more money

Learn to negotiate and don't be afraid to shop around

You must learn to negotiate and to shop around, look for the best deal for you and don’t be afraid to go somewhere else if you could get the same service at a better price. It might take a little extra work but it could result in you saving thousands! This is one of the best ways to cut costs in a business, become a world-class negotiator and it will pay off.

Go green

Another one of the great cost-saving ideas for the workplace is going green. You’ll save a lot of money by simply going paperless or buying used ink cartridges, but it goes even further than that. You could save by simply using natural light in place of electrical lights, this has a few benefits; it saves you money on your electricity bill, but it’s also healthier and better for your employees.

The same goes for using an AC, it’s better for you to simply open a window and let the fresh air in, it’ll help cool your office and a burst of fresh air is great at blowing out the cobwebs and removing the brain fog that clouds your mind from a day of being cooped up in an office.

You should also try and incorporate plants into your work environment as much as you can, it’s been proven that employee productivity is increased by 15% when there are plants present in the workplace. They also help to oxygenate the room and help increase creativity. Going green is great for the environment, your employees and your budget.

Cut out the non-essentials

Like we’ve already said, not only is it important to make money, but it’s also important to know how to spend it, so ask yourself “how can a company reduce costs? Or how can I reduce MY costs?” One of the simplest and most effective answer to this question is by cutting out the non-essential.

There’s a famous story about J.D. Rockefella (the oil tycoon and one of the richest men that have ever lived). Rockefella was known for his ability to make money, but also his ability to keep hold of it. Within the oil industry, oil was kept in large wooden barrels that were soldered shut when they were being sealed.

The general consensus at Standard Oil (Rockefella’s Company) was that it took 40 drops of solder to seal a barrel, Rockefella saw this as an opportunity to try and save money. They tried using 38 drops of solder, which wasn’t enough, but 39 was. When Rockefella was asked about this he said that it saved him millions! This is a great example of how you can save money by cutting out non-essentials, even something as small as a drop of solder could save you millions!

Turn off electronics

Another great cost saving idea, especially for large companies, is again a simply one. If things aren’t being used, turn them off. It’s the simple things that’s so often over looked. Appliances left on standby use around 15% of the power they use when they’re in full use. 15% may not sound like a lot, but that can soon add up over time, and that’s only from one device.

If you’re reading this in the office, take a brief minute to look around and look at all the electrical devices that are around your office and in your work space, they’re all running at 15% or even 100% if you don’t put them on standby/turn them off when they’re not being used.

This type of money saving technique can be used with a lot of things. Take lighting for example, a lot of businesses will use office lights and keep them on all day through the building. Imagine how much money you could save if you simply installed sensors and when the lights weren’t in use they turned off.

Use software and save

Software is a great tool, utilize it! It can help increase productivity and could help free up an employee’s/ your time which will allow that time to be dedicated to more important tasks. It can also cut down on labour and labour costs.

You also need to shop around when it comes to software, you could find software that’s just as effective as the more expensive and better-known brands but will cost you a fraction of the price. It might even be free! This is another one of the great ideas to save money at work, software can expensive!

Buy used

Second-hand does not mean second rate. It goes without saying, with this step you need to be careful, but it will pay off. Almost everything in your office can be bought somewhere else. Learn to shop around. Everything that you buy doesn’t have to be brand new, you could buy second-hand computers, second-hand office equipment that will still perfectly cater to your needs, but won’t cost you an arm and a leg.

This is a great way for both small and large business to save money for business capital and if you combine this step with step number 1, imagine how much money you could save then!

Outsource

Outsourcing is a great way to increase your business's productivity. It will allow you to utilize professionals within a certain field and allow you to get a job done quickly, effectively and to a professional standard. It will allow you to save both time and money on training employees.

Once an employee’s been trained they still have to take time to perfect their skills, which is time they could be putting towards something they’re already effective at. It may cost you more on the face of it but the return you will receive financially and the time it will free up will pay dividends.

Cut down on work hours

A happy employee is a better and more productive employee. Give people an extra day off a week and they will become happier and more productive. Alternatively you could allow them to finish their day an hour earlier or begin an hour later. This allows your employees to be better rested and happier, making them more effective. It’s estimated than on average an office worker wastes around an hour and a half a day, not including lunch and breaks, that’s a huge amount of time that isn’t being utilized effectively!

You need to do all you can to make your business run as smoothly and effectively as possible, remember the old saying “work smarter, not harder”.

Make friends, be social and create value

‘It’s about who you know, not what you know’. While that saying isn’t entirely true, it’s a well-known saying for a reason. You need to make connections, there a plenty of meetups that you could utilize to meet people in different areas of business to create business relationships, it’s a great way to network and it’s also free.

The same can also be said for general socializing; get out there, enjoy yourself, take up some new hobbies and meet new people. Who knows who you’ll end up bumping into?

Another great way of meeting new people is by going to conferences/gatherings within your industry, but you could maximise this by giving at talk at a conference. This puts all eyes in the room on you and allows you to really go into detail about who you are, what your business does and how you can help others. It also helps create value and makes you an authority within the industry.

You can utilize the idea of bringing value and turning yourself into an authority in other ways. One of which is creating content such as blog posts, e-books and videos. This allows people to discover you through internet searches when they’re looking for answers to questions. Utilize this technique and it will pay dividends. It’s another great way to cut costs in business.

Use smart advertising

You have to get smart with advertising. Traditional advertising has many short comings, you can’t control who sees a billboard or a TV advert or who hears your ad on the radio, but with digital marketing you can.

Let’s take social media for example, social media allows you to target people by age, gender, location, even life events. That’s incredible and something you could never have done through a traditional marketing campaign, ensuring you get the most bang for your buck will help you yield a greater return on your investment.