Saving Money (and Space) in Your Business in the Next 12 Months

Saving Money (and Space) in Your Business in the Next 12 Months

With the current financial situation, it is no surprise that businesses are trying to cut costs wherever they can. This is a good idea, but an even better one is to do it without cutting corners. Another big problem is that businesses are also cramped for space, especially those that are trying to expand.

The easiest solution is to combine the two and find solutions that save you both money and space and have the upshot of making your business more efficient and even a better place to work.

1. Waste management

The first step is to look at what you are throwing away. Regardless of which niche your business happens to be in, it will create a lot of waste, most typically cardboard and plastic, which can be recycled if sorted and managed properly. Depending on where your business is located, it might be a legal requirement to do this, and there might even be companies who will pay you when they take it away.

To make this easier, you could use a trash baler and the right wire from a supplier like; this will place your recyclable waste into bundles that can be stacked rather than cluttering up work areas or having overflowing bins around the place.

2. Hot desking

Overheads take a big chunk out of your profit margin, so keeping those down can save you a lot of money. By hot-desking as part of a hybrid working arrangement, you will only have half of your office staff in at any one time, using half the electricity, heating, and water.

If you wanted, you could even use this strategy to move to smaller premises for cheaper rents, sublet that area to another local business, or repurpose that area for more production space or storage.

3. Just in time ordering

Something else you can look at is the amount of money you have tied up in stock. You might have a warehouse that is brimming over with products and materials you bought in bulk to save money, but you have cashflow problems as a result. By working with suppliers and knowing your usage figures, you can time deliveries so that reaching a certain level (i.e., being down to the last box or two) triggers an order for the next delivery.

Doing this not only frees up the cash you would have had tied up in stock, but it also cuts down the storage space you need, especially if a delivery comes in through the back door and is rolled straight onto the shop floor to be used in production.

Final thought

Saving both space and money can be not only good for your business but also has positive effects on your workforce too. Hybrid working will cut down on their commute and travel expenses, and not having to navigate past huge piles of waste or stock when they are in will make it a safer place for them to be. Last but not least, the resultant profits could also lead to a raise or a bonus, which is always good for morale.


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