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When you’re running a business, it’s important to keep costs under control – and there might be more ways to save money than you think. Read on to discover seven areas that are often underutilized when it comes to saving money.

Rent Out Unused Space

Do you use all your office space? If you find yourself looking around and seeing a lot of spare computers and empty desks, consider renting out your extra space to other companies. It’s a great way to make money from parts of your building that would otherwise have no use.

Advertise on Social Media

Advertisements can be expensive to run, so why not save money by growing your business’s social media presence? Most social media sites allow you to set up an account for free, and once you’ve established an online presence, knowledge of your business is more likely to spread via word of mouth. Not only can you advertise the services you provide, but you can also post job vacancies within your company with details of how to apply, generating a wider pool of applicants for you to choose from!

Keep Your Finances Organised

Making sure your finances are up-to-date and accurate ensures that you are not overpaying in any area, and you’re less likely to be hit by unexpected expenses. When it comes to keeping track of your finances, automated solutions like Xelix are highly efficient. Their system detects invoice errors such as VAT issues and incorrect payment dates and even allows you to automate manual audits. This way, you can be sure your financial information is correct.

Negotiate With Suppliers

Don’t just accept the first quote a supplier gives you. Talk to them about what discounts are available, or ask whether they might be willing to lower the price in order to secure your business as a customer. They might say no, but you won’t know if you don’t ask – and if they are willing to negotiate, you could find yourself saving money with every order.

Save Energy

One great way to save money is to cut down on your energy bills. You can use less electricity by installing energy-saving light bulbs, or switching to LED lighting. Make sure computers and lights are switched off when no one is using them. Heat is easily lost through windows, so you could also look into adding a layer of glazing to keep the office warm in winter – and as an added bonus, it’ll keep the building cool over the summer.

Remote Working

Having your employees work remotely can reduce operating costs. If there are fewer people in the office, you’ll save on energy bills and supplies, and might be able to downsize to a smaller, cheaper building. There’s also evidence that people are more productive when working remotely, as they can’t become distracted by the social aspect of being in the office, meaning they get more work done in the same amount of time.

Buy Second-Hand Equipment

The cost of brand-new office equipment can quickly add up, so it’s worth looking around for good quality used equipment, as this has the potential to significantly reduce your business’ spending in this area.  

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