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Slashing Expenses: Money-Saving Tips for UK Businesses

Felix Tarcomnicu 0

Businesses throughout the UK are searching for reliable ways to cut costs and save as much money as possible.

In these tough economic times, reducing costs is often integral to a business’s bottom line. The following tips can help your business reduce its costs so that it can steer its financial resources to fulfill other business needs.

Shop Around

Too often businesses get stuck in their old habit of doing business with the same providers when it comes to supplies, equipment and utilities such asbroadband and energy. Why pay exorbitant rates when you can slash those costs by anywhere between 10 and 40%? For instance, your current energy supplier certainly isn’t going to advertise that their competitors offer lower rates. And staying loyal to a supplier is almost never rewarded with lower rates – rather the opposite. However, they might be willing to offer you a better deal once they realize you’re contemplating a switch. The fact is, it never hurts to ask for better rates. You’d be surprised how many vendors are willing to provide you with some measure of discount to retain your business. In any case, you should certainly shop around for the best available rates.

Outsource

In recent decades, outsourcing may have gotten a bad name. Many businesses lost customers who became frustrated with ineffective call centers situated around the world, often with little ability to solve their issues. Today’s outsourcing models are not only different, they’re actually effective on a multitude of counts. Youcan outsource your bookkeeping and accounting tasks, human resource functions, and even IT responsibilities to organizations that seamlessly integrate with your business to fulfill its needs. This model is often far more cost effective than hiring additional in-house staff. You’ll also find that many contract freelancers are highly specialized, trained, and adept at tailoring their services to suit your business.

Replace Salary Increases with Special Perks

Many employees are often willing to forgo their deserved raises if they are replaced by other forms of compensation. You can save money on salaries by offering employees additional half days at the office, work-from-home days, extra vacation days, or other types of alternative compensation. While your business may not be able to afford to pay all its employees annual raises, consider paying a few willing employees extra to take on special projects or additional work duties. You can research how other businesses are thinking outside of the box when it comes to rewarding their employees for a job well done.

Reduce and Reuse

Training staff to reduce energy usage is a viable way to reduce energy costs. Turn off computers, appliances and lights when not in use.Reusing older office furniture or purchasing furniture made from reused materials at discounted costs is another important way businesses can save money.

Michael Gardiner is an export business owner. Also an avid blogger, he likes to share his insights with others by posting on the web.

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