Four major cost-saving tips for your business

Cost reduction has always been a priority for businesses, but it can be tricky to achieve if you want to hold onto your staff and keep your offering at the level customers expect. Fortunately, there are many sustainable business practices that you can adopt to spend less and ultimately add to your bottom line without laying off staff or impacting the customer experience. The following are four easy-to-implement ways to start reducing expenditure right away:

1. Go green
Not only is sustainability a huge and growing priority for companies in all markets, it is also one of the easiest ways you can reduce business costs — the more efficient the space, the more efficient the spending.

2. Go paperless
A key way of making your company more sustainable and achieving huge cost savings is by going paperless. Introducing technology and strategies that limit — or even eliminate — the need to scan and print documents will save both energy and time, thereby reducing expenditure in two significant ways.

3. Go cloud-based
It is no secret that technology is evolving fast. Today’s open source and cloud computing solutions make ideal cost-saving alternatives to the expensive, monolithic software and servers adopted by companies in previous decades.

4. Review your operating expenses
Day-to-day expenditure for simple things such as maintenance, and even tea and coffee, all add up. Be sure to keep track of where everyday expenses are going and making sure that you’re not overspending or buying more supplies than you need.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants. Image via Flickr.