Making the right decisions to increase your bottom line
Now more than ever, businesses have a very keen eye on the amount of profit they are making. The last couple of years have seen many new innovations to keep businesses running when many others have fallen by the wayside – and one of the ways of doing this has been a general tightening of belts and keeping expenses to a minimum.
As the business world enters the post-pandemic phase, there are a host of new opportunities. So, if you think you have done all you can, another close examination will present you with other things that you could be doing to cut costs at the top of the balance sheet; that will have obvious benefits when you get to the bottom.
1 Review current working practices
One of the very few positives to come out of the recent pandemic was that the concept of remote or hybrid working was actually a boon to most businesses if managed properly. As well as being better for many workers, it has plenty of benefits but business owners too.
This was because overheads like electricity and heating all decreased simply because fewer people were using them. It also meant that by operating a ‘hot desk’ policy, head counts could be increased without needing more floor space. If you are adopting this policy full-time for office staff, you might find you can relocate to new premises that are a fraction of the cost of the old one, thus saving on what could be a very large expense.
2 Get paid for recycling
Regardless of what business you run, it will no doubt create a tremendous amount of waste. If your business creates a load of recyclable waste, you can often find that companies will pay you to take it away. This will, of course, add to your bottom line, although not in a major way – but it does have other additional benefits.
The obvious issue here, though, is storing it so it can be collected by a professional company. They will want to collect it at a point when it’s worth their while, and this means it can build up over time. Getting your recyclable waste (like cardboard and paper) bailed using a baling machine and stem wire, you can stack it in a corner without getting in the way for as long as you want. This also stops your warehouse from looking untidy and doing things like encouraging pests and vermin who love piles of unkempt waste.
Think about getting solar panels
Of course, this one will depend on whether or not you own the premises that you run your business from or if you’re leasing. Either way, having solar panels installed should make your electricity bills smaller in the longer term, although there might be an initial greater payment to get everything installed and set up.
If your landlord has the final say in this, you could always suggest that the premises will be easier to rent out with solar panels installed already, as overheads for any business renting them will be lower. This will have the benefit for them of having the opportunity of renting their investment for a higher premium each month.