As the holiday season draws to a close and businesses resume operational normalcy, 2013 fades into the background. We look at 5 ways businesses could make and save more money in 2014 …
In a previous article, we looked at the new year’s resolutions businesses must make. Building on it, the question arises, what more could businesses do to ensure they save and make more money in 2014?
Let’s look at 5 ‘add-on’ resolutions we believe would contribute to an organisation’s increased financial well-being in this year.
1) Always keep one eye on spending
It’s easy for an organisation’s staff to jot notes on paper, switch the lights on for hours on end, leave computers running when they check out of work for the day, book company trips on the flight they see first, and do so as and when they desire.
Identify who might be most prone to paper consumption; where possible, invest in electronic devices such as tablets and push for their use. Unless absolutely necessary, request staff to switch off computers at the end of the day. Shop around for flights deals for company trips. Set-up motion-detector lights for areas most prone to inactivity for long stretches.
Monitor, suggest, enforce. A small initial investment in energy and resource efficiency might go a long way toward ensuring long-term financial health.
2) Have a ‘handy’ handyman
Most companies tend to have maintenance crew on retainer. If you don’t, chances are really high you are a small business with a limited scale of operations. Proportionally, that doesn’t mean you will face any fewer troubles. Your lifts could still break down and your water-pipes could still clog.
Look at your neighbourhood repairmen. Every area has at least a few. Ask around at other similar-sized operations in your area. Not only will this work out cheaper in the long run, you will also have the convenience of having a ‘fixer’ who understands the needs of your business location and deliver optimal efficiency for the best possible price.
3) Invest, invest, invest
Notice that current account with a lump sum that has been sitting in there for aeons? Why waste it? Call your accountant, set aside a certain portion for a liquid contingency fund. The rest, throw it into a savings account.
Not only will the amount you save generate a good back-up for where to divert some savings intermittently, but also will accrue interest as it sits in there. ISA plans are you friend. Every bank, including yours, has one to offer. Use it and reap the rewards.
4) Do not hoard
Every company, big or small, goes through a phase where it finds itself replacing old equipment with newer ones. See that closet at the back? Quite likely you have a few of those old discarded items in there. Don’t let them go to waste.
For those who can afford it, recycling is an option. If not, trade them off to supplies dealers who will strip them for parts. It is important to make a habit out of this. Many organisations don’t realise that they can save space and maintenance costs by discarding old items. Simultaneously, it is also a good source for petty cash. Hoarding, unless absolutely necessary, should be a strict no-no for every business out there.
5) Go digital NOW
2014 should be the year you proclaim a firm “No!” at any paper-based business activity that has the alternative to go digital. Unless absolutely vital, do away with paper-based content – brochures, regular post, pamphlets, information booklets, et al.
Consider digital alternatives such as smartphone/tablet apps, desktop widgets and RSS feeds to address transmission of information. Of course, quite a few tasks might require paper, but do away with those that don’t. You will save money, spend less on acquiring the raw material and get rid of printing activities – all time and money intensive processes. ‘Sustainable’ should be the key buzzword for all businesses in 2014.
Do you have any day-to-day tricks for businesses to save and make more money? Tell us in the comments below!
<Principal image courtesy of 401(K)/Some rights reserved>