Ways Your Business Can Reduce Costs During the Summer
Finding ways your business can save money is a year-round effort. With summer upon us, there are additional strategies you can implement to reduce costs and increase savings.
Here are some ideas on how to save when the weather starts to heat up.
Maximize Energy Efficiency
Summertime usually means higher electricity bills. The air conditioner is usually running around the clock, so this is a great place to start. Be sure to have regular maintenance performed on your AC units. Changing the air filters and cleaning the vents on a regular basis can help you save even more. According to Energy Star, “small businesses that invest strategically can cut utility costs 10 to 30 percent without sacrificing service, quality, style, or comfort, all while making significant contributions to a cleaner environment”.
Other things you can do to reduce your energy consumption include investing in a programmable thermostat, use fans, purchasing window coverings, look for air leaks, and turn off any unused lights and equipment.
Speaking of energy savings, see if it makes sense to switch to a virtual space. Many companies have come to realize that working remote is possible. Reduced energy costs won’t be your only savings. You could save on office supplies, security, building maintenance and much more. Not only does working remotely reduce costs, but it also gives employees additional flexibility.
Negotiate Vendor Bills
When was the last time you reviewed your bills, especially reoccurring ones like subscriptions? This is a great time to assess your monthly expenses. It can as simple as calling a vendor and seeing if there’s a way to get the current bill reduced. If that’s unsuccessful, shop around and make sure you’re getting the best value for your dollar.
Offer an Internship
If you’re in need of some extra hands on deck but don’t have the resources to hire additional full-time staff, consider offering a summer internship program. Partner with your local universities to find young adults who are eager to get some work experience. Be sure to check the Fair Labor Standards Act (FLSA) guidelines to comply with the law.
Businesses go through different seasons, and if summer is a slower time for your business take this time to go through your inventory. Creating and having an inventory management process will help you have a solid foundation for your business. This is especially important if you’re a retail business and sell physical goods. Organize your items with as much data and product information available. Inventory management will help prevent stock shortages while also preventing careless waste by over-purchasing.
Mix Business and Leisure
With the world reopening, you may have some summer business trips planned. Combining business and leisure is a great way to save! Use business trips as vacations by tacking on additional days either before or after your business trip. Make sure to keep business and leisure expenses separate and set time boundaries for each.
To save even more this summer, keep your business phone system expenses low with magicJack for BUSINESS. Click here for a free quote!