5 ways businesses can save money to support long term growth

From automated data entry to avoiding a mis sold energy contract, here’s how you can save money in your organisation.

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Business operation cost

Running a business inevitably comes with significant overheads. Whether it’s paying wages, renting premises, running advertising campaigns or paying for business energy, there are many areas where inefficiencies can prove to be a drain on profitability. However, there are steps you can take to reduce these costs so that your business can be healthier and more fruitful in the long run.

These include prioritising the tasks that matter and investing in business energy security to avoid costly business gas and business electricity deals. We’ve rounded up some of the top tips to help you save money in your business, supporting long term growth and financial stability. Let’s take a look.

Prioritise, prioritise, prioritise

When you’re first starting out as a business, there is a real pressure to deliver everything all at once. It’s natural to want to start with a bang and offer all functions and features to customers. But the reality is, if you don’t have that kind of capital, you’re only setting yourself up for a short term spike and a harsh collapse. Instead, invest your time and energy into the most important aspects of your business services, and then widen the net to factor in other services and functions. This will help you make a name for your brand as experts in your field, perfecting how you deliver the services you’re known for.

Automate where possible

A business is only as valuable as its employees, but there are some tasks that can be delegated to machines in 2021. In fact, machine learning and Artificial Intelligence-based technologies are fast-becoming integral to modern businesses across a range of industries and sectors. Data entry work, for example, can be hugely expensive and most workers dread it. This kind of monotonous task can be automated with a level of accuracy which means you no longer have to worry about human error. Taking the time to automate these kinds of tasks now will save you huge amounts of time and energy in the long run, meaning you can focus on the more important factors of your business which require more expertise.

Be smart about your energy

Business energy can be a huge drain on your finances. This has been especially true in recent years as many business gas and business energy deals have been found to include substantial hidden business energy commissions.In fact, businesses up and down the country are now pursuing mis sold business energy claims in an attempt to win back the money they should never have paid in the first place.

These business energy claims are designed to undo some of the damage caused by these unethical contracts, as business energy isn’t regulated in the same way as domestic energy deals. This makes business energy security all the more important for businesses who don’t want to pay more than they need to for their energy.

Go remote

Office costs can significantly drain a business’s funds, so working remotely is a good idea especially early on. Working from home is something many people got used to during the COVID-19 pandemic, with many businesses choosing to stick to the routine even after offices had reopened. That’s because it not only affords employees genuine flexibility and saved commuting time, but it also helps to reduce the overheads associated with large business premises while employers don’t need to worry about budgeting for workplace costs.

Adopt BYOD

When you’re first starting out as a business, the prospect of funding devices for all members of staff can be extremely daunting. That’s why BYOD – or Bring Your Own Devices – is such a popular initiative among small and large businesses alike. Employees are happy because they’re able to use the devices that they’re already familiar with, while business owners can avoid the outlay associated with purchasing numerous computers and smartphones. Just make sure that everyone’s cybersecurity settings are up to scratch. If you think that you’ve been victim to a mis sold business energy claim, the time to act is now. Get in touch with Winn Solicitors by visiting https://www.winnsolicitors.com/energy-mis-selling-claims