It’s essential for a company owner to reduce excessive costs, especially while running a small business. In many situations, small business owners need to be crafty in order to remain successful while competing against larger companies. Not only that, these larger companies tend to have much deeper pockets. However, a small business owner can find it much easier to keep up with larger competitors by saving money on operating expenses. With that in mind, here are five great ways to reduce operating expenses as a small business owner.
- Update the Windows in Your Office
Statistics gathered from the National Association of Realtors found that homeowners replacing their windows are able to recoup about 80% of the costs. With that in mind, the savings a small business owner can receive from having new commercial windows installed by a window company are immense. Commercial window installers will help ensure that your business is spending far less than normal on heating and cooling costs. Older commercial windows can cause air to escape a building, letting outside air inside of your office. In fact, statistics from the Department of Energy found that 45% of an average energy bill goes solely to heating costs. Replacing commercial windows can help save your business large sums of money that would have normally be spent on costly energy bills.
- Utilize Power Strips
One study found that 75% of the electricity used by items takes place while they are turned off. With that in mind, your business is likely paying costly electrical bills while items aren’t being used at all. You’ll find that having utilizing power strips allow these items to be safely powered off when not in use, saving you a lot of money in costs associated with electric bills. In addition, many power strips offer surge protection which eliminates the risk of electrical items suffering damage during storms.
- Consider Allowing Employees to Telecommute
Telecommuting means having workers complete their tasks from a location other than the office. The invention of the internet has made it far easier for employees to conduct their work from the privacy of their own home. However, telecommuting doesn’t only have advantages for employees. Small business owners that allow workers to telecommute often spend less on costs associated with utilities and other amenities. A worker will be using their own utilities while they work from home, reducing electricity costs associated with powering computers, lights, and other objects within an office.
- Have Motion Sensor Lights Installed
Nearly 66% of homeowners plan on doing some form of renovation to their respective properties. That being said, it’s wise for a small business owner to consider renovating an office in order to reduce operating costs. One money saving innovation that can be done is to have motion sensor lights installed in your office. There isn’t much of a point in spending money associated with electric bills on lighting up a slew of empty spaces. With that in mind, motion sensor lights only turn on while someone is moving in front of these devices.
- Go Paperless
It’s understandable that a small business needs to utilize a decent amount of paper. However, it’s wise to consider areas where paper usage can be reduced, if not eliminated. Many companies are sending customers statements and other documents through email, reducing excess spending associated with mailing items on paper. Not only that, reducing the use of paper shows customers that your company is reducing their overall environmental footprint.
To summarize, there are several ways a small business owner can reduce certain operating expenses. Commercial window replacement is a great idea for small business owners, especially when dealing with windows that have been around for quite a while. You’ll find that new commercial windows can massively reduce costs associated with temperature controlled air escaping through leaking windows. Powerstrips work well to reduce electricity used while these items are powered off. Allowing employees to telecommute allows them to complete work from home which helps save on operating costs. Motion sensing lights are great for reducing excess lighting costs. Making the switch to paperless documents can save a small business large sums of money that would have spent on reams of paper.