Many businesses face increasing costs and are therefore looking for ways to save money. Recent research by the British Chamber of Commerce shows that businesses are under a lot of pressure to keep costs down. Nearly three-quarters are adjusting their prices in an attempt to keep up. A comprehensive spend analysis can identify unnecessary costs and help your business to budget accordingly.

Cost-cutting ideas

Running a businessĀ isn’t cheap, so it makes sense to find ways to save money and cut costs. Thankfully, there are many opportunities to reduce costs in your business, and Love Energy Savings has identified the top 5 areas that you can cut costs. These ways will not only save you money on the bills you pay, but they can also help your business grow!

For instance, cut down on office supplies. You might think you need a printer, but you’d be surprised at how much energy it can use. By limiting your office supplies and reducing energy usage, you’ll save money while giving your staff more time. Also, you can cut down on energy costs by not leaving your coffee machine or printer on all day. Another great idea is to turn off your server and cut down on lighting in unused parts of the office.

Switching services

Switching business bank accounts is a great way to save money. Switching personal banking is not difficult, but switching for business is even simpler. The UK government supports the switch and launched a new current account switching service in 2013. The service is free and helps businesses find better deals. It also promotes healthy competition in the banking industry. This means that prices will drop and terms will be fairer.

Switching services are becoming more popular with business owners, and the number of firms switching their bank accounts doubled in the three months to June this year. While 85 per cent of businesses remain with a major bank, the entry of challenger banks has shaken up the industry.

Energy audits

Energy audits can be a great way for businesses to cut their energy bills and move toward a greener future. An energy audit can help you identify areas for improvement, such as heating and cooling. If you are not sure where to start, you can create an energy audit checklist that outlines all areas that could benefit from energy savings.

The aim of an energy audit is to identify energy inefficient systems and recommend cost-effective energy-saving measures. These measures can make your business more efficient and competitive. Furthermore, cutting energy waste will help ease the strain on Britain’s energy infrastructure and contribute to the reduction of greenhouse gas emissions. The law requires businesses with 250 employees or more to get an energy audit. However, there are exemptions for businesses with a strong energy management system.

Switching platforms

Switching platforms to save money in business can be a huge benefit. Switching from one platform to another is a relatively simple process and can lead to significant savings. The government also supports the practice, having launched a service called the Current Account Switch Service (CASS) in 2013. CASS is an online platform that helps you change current accounts in the UK. Whether you’re looking for a cheaper account with a different lender or a better service, switching platforms can be a great move for your business.

Going digital

As a small business owner, going digital can save you a great deal of money and time. However, there are some things to keep in mind before implementing a digital strategy. While going digital does not solve every problem, it will definitely help you to cut costs in several areas.

In the UK, the digital economy is thriving. In 2019, it contributed PS151 billion to the UK economy and employed 9% of the nation’s workforce. It has also seen strong growth in recent years, increasing three times faster than the total economy. The UK government is aiming to help businesses embrace digital technologies.