All predictions say that this winter is going to be terrible. The economy is shaky globally, and no one knows how high inflation will go. Many businesses will not manage to survive, so taking precautions is vital at this stage.
You can do many things to cut expenses and stay above water. Some of your employees may not like it, but there’s no other way around it. You need to make changes now before it’s too late.
In this article, we will share some tips and ideas about how to do it most efficiently. Not all moves are great, and some will be better than others, so you need to see what is on the table and decide what you will use. Follow up and see what to do when expense cuts are in question.
One fantastic way to cut nearly 100% of the office expenses is to send everyone home and work remotely. This way, you can freely end the contract with the office lenders, stop paying bills as you did before, and still have work continue as normal.
On the other hand, employees get a better life-work balance, won’t spend money commuting to work, and will generally be happier. To have work flowing uninterrupted, install office communication software. Ask everyone to download a free timesheet app of your choice, and ensure meetings continue as before.
The corporate printer is ready for sale. Put it on the market, get some money out of it, and keep all other documents in digital format. There’s no need to print the document about buying new soap for all toilets. Everything’s already done online, so why waste paper?
An average employee wastes 6,800 leaves of paper for printing annually. If you have 20 employees, the math says you’re spending a fortune on printing. Do this only for essential documents that must be in hard copy, and everything else can stay digital.
Going to the bathroom means turning on the light and the faucet after it. Many people are too distracted to notice they left both the lights and the faucet on. Until the next person comes and notices, huge amounts of water and electricity are wasted for nothing.
Instead of losing thousands of dollars on these issues, you should invest in sensors. A sensor for the lights that will make them turn on only when there’s someone inside the rooms, and a sensor for the faucet that will turn it on only when there’s someone in front of it. You’ll save thousands.
This is probably the most popular inflation countermeasure you can take in your employees’ eyes. Who wants to spend a full eight hours at work? However, you can benefit from this too. Cutting working hours from eight to six per day will significantly reduce your bills.
Many companies who tried the six-hour working day say the benefits are higher than expected. People started working harder and faster. They know they need to finish everything before the working day ends, so they are more productive and motivated to do their jobs.
One final thing to do is to move to a smaller office. You might have rented a huge office space in a popular building in the center of the city overlooking the area. It is surely expensive, so think about whether this kind of property is essential for your business.
Instead, move to a smaller place that won’t be as fancy. You’ll pay much lower rent, affordable bills, and business will continue as usual. Of course, your employees will need time for adjustments, but every company has its ups and downs.
Making changes in your work is possible if you’re fully dedicated to it. Moreover, it’s mandatory considering the times that are upon us. Check the list above and see if some of the options are acceptable to you. The crisis will affect everyone, and you must do something if you want to continue working. Cut where it is possible, and make it through this winter.