How to save money as a business in 2023

Simple tips to help your business save money

Cutting costs. That was one of the main focuses for 2022. With rising inflation and energy price hikes, individuals and businesses are all looking for ways to reduce costs and save money. This may be cutting down on purchasing, streamlining business practices or buying cheaper products.

We’ve compiled a rundown of the top ways to save money as a business in 2023.

Consolidate orders

A great way to save money is by using a business supplies company that covers everything. From catering and facilities supplies, to stationery, tech, furniture and even promotional products, you benefit from fewer invoices to process and tailored pricing to save money on items you buy the most. By choosing a local supplier, you’ll also enjoy a more bespoke service but also have access to worldwide sourcing capabilities. It makes sense to use a company that does all this for better overall quality and service. At Sundry Supplies, we pride ourselves on giving our customers a vast range of products with excellent customer service. Find out more about our service.

Use the right tech

Many companies are gradually returning to the office, but for those still work from home, utilising good quality meeting hardware is essential to stay connected to your colleagues. Buying quality items such as webcams, headsets or noise cancelling headphones means you are less likely to replace them quickly and there is less chance of spending money on frequent repairs. Using virtual technology for meetings also dramatically reduces travel expenses, so win win!

Analyse where you could cut costs

Just as you would with personal expenses, periodically analyse what you are spending as a business. This could include electric and gas providers, insurance or business bank account charges. Try and avoid automatically renewing premiums and shop around for the best deal. You could also look to reduce finance on credit cards and loans. Use a working budget throughout the year to help you adjust to trends so there are fewer unexpected outlays.

Streamline business practices

Analyse where you can make time savings on projects. During meetings, make sure there is a clear agenda and set realistic timescales for deadlines. Invest in cloud based software to help streamline business practices. Ask yourself whether there a project that is admin heavy where processes could be shortened or made more efficient. Analyse each your team members skills to see if they are maximising their talents or whether they could be used elsewhere in the business. Streamlining business practices will ultimately improve productivity and efficiency.

Reduce physical working space

Reducing the amount of workspace you need to rent can dramatically cut your business expenditure. Is there a way you can cut down on the amount of space you rent out? Think about whether some employees work from home on certain days. See whether you can move premises to a cheaper area. Involve the team too so everyone has a chance to throw in ideas.

Be resourceful

What do your waste management costs look like? Businesses spend on average 4% - 10% of turnover on waste management. Anything you can do to cut waste disposal costs can help. Educate staff on waste including what to recycle or to cut down on. Recycle items such as cardboard boxes, envelopes, binders, cans, glass and plastics. Look at waste disposal to see if you can cut costs by recycling more or reducing your overall waste. You may also enquire as to whether you can reduce the frequency of your waste collection.

Save energy

Energy costs rose significantly in 2022 and business electricity prices are some of the highest in Europe. Educate everyone in the workplace on how to save energy in the workplace. Simple ways could be…

• Power down PC’s at night
• Use energy saving light bulbs
• Check for draughts and add draught excluders
• Turn off lights when rooms are not in use
• Turn the thermostat down 1 degree
• Enquire into renewable energy sources such as solar panels

Support local businesses

Support your neighbours and the local economy. Research has shown that 82% of Irish consumers are likely to buy local. Supplies that have travelled less miles can work out cheaper and you can support one another through hard times. For example, you could use the local milkman, local sandwich shop or coffee shop, buy business supplies from a local supplier or hire a local IT company to manage your systems. Local businesses have the power to be more reactive to your requirements too, so you are more likely receive a better level of customer service.

Try our tips for cutting costs in 2023 and get in touch with our team if you would like to know more about consolidating your orders.