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Ways to Minimise Office Spend

Now more than ever with the cost of living soaring, it’s important to keep a close eye on overheads. However, learning to think smarter, not harder, isn’t a new trend. Since the industrial revolution (around two hundred years ago – give or take 50 years) the world of work has been striving for increased profitability.

Fundamentally, the need for increased revenue, with the least amount of overheads is the holy grail when it comes to running a business. To find that sweet spot, it’s always shrewd to keep an eye on spending and to cut down on costs where possible – while not skimping on the overall quality your clients or customers receive, naturally.

That’s the aim, surely. All while ensuring staff aren’t over-worked yet in a balanced state of productivity vs. feeling valued. Simple, right? There are of course usually some obvious reductions we can make – practical things like finding the best suppliers and contractors at the best rates, cutting down on any subscriptions, and other smarter solutions such as time management and keeping an eye on other hidden costs. With all of that said, here are just five ways to minimise office spend, when you’ve got to cut costs.

Audit and Reduce Office Expenses

You may like to consider doing a quick audit of other day-to-day office expenses. Purchase your supplies strategically, look for discounts, shop around and buy in bulk where possible. Setting a budget for all office expenses and tasking your team to stick to this figure can be an excellent way to stay on track. Outsourcing peripheral services can also be a savvy move. We’ve spoken about negotiating prices, that’s a given, but consider bartering, refinancing or offering skills swaps where appropriate.

Turn to Tech

Firstly, consider going paperless. We always encourage those using our offices to give this a go, where possible. This not only reduces operating costs but it’s better for the planet, not to mention saving on storage space. Once you’ve started this new habit, it’s easier to implement than you might think. The best way to start is to encourage team members to avoid printing anything – you can make this part of your culture, adding a reminder to emails and other documents, as you see fit. This might include contracts, which can be signed electronically using apps like DocuSign. Most folk opt for digital invoices and bills these days, as these small changes will save you money on printing and paper costs and copying expenses, while also minimising clutter.

You might also consider speaking to an IT consultant to consider what other areas of your business can lean into tech. Depending on your sector, there could be some savvy ways you can reduce expenditure by installing a piece of software or tech to lighten the load, and cost. It might feel like an investment, but it’s worth exploring how much this could save you in the medium to long term. Other ways to utilise tech to minimise costs include reducing travel costs including flights, hotels and meals and continuing to opt for technology-based solutions like Teams and Zoom to replace in-person meetings for a fraction of the cost.

Switching Suppliers

We’ve already touched on switching suppliers, but this really does deserve its own listing. Reviewing your suppliers – for day-to-day office supplies but also in other areas of your business, can often lead to great savings. The key here is to remain business-minded while also showing your loyalty where you can. Buying local and supporting small businesses can often lead to an overall better company culture, yet in some cases, it’s important to decide – is this business choice serving me and my company?

Don’t be afraid to shop around. The time it takes a team member to explore possibilities and phone around for a few quotes, could end up saving you some cash. Many businesses are often happy to offer introductory discounts or price guarantees to get a foot in the door – so always stay open to new ways of working.

Go Green

Having a greener strategy can not only help reduce costs but can also help in the efficiency in running your office. Adopting an eco-policy and encouraging staff to take responsibility for their part will help your company stay on track. Small things such as switching computers off at the end of the day, going paperless (as already mentioned), reducing travel costs and generally making considered decisions on purchases, will all add up and help you to save on your operating costs.

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