6 Business Savings To Consider in 2021

This year has been a year like no other. Many businesses have struggled to cope with the strains of a global pandemic. Some have even had to close their doors for good. If you are one of the lucky ones who has managed to survive, you are probably still considering how to cut costs and maximize your profits for 2021 after such a challenging year. 

We feel exactly the same, which is why we have compiled this list of 6 business savings to consider in 2021. Use these tips to save yourself some money and boost your chances of having a far more successful year next year.

1. Leasing Office Equipment

One thing that comes up time and time again when we search for business savings is the leasing of office equipment. When leasing, you can save money from start to finish. Firstly, there are no up-front costs. You don’t have to spend thousands on a new copier or printer but instead can find Flat Rate Copiers with a low fixed monthly payment. You will never have to spend on maintenance or repairs as your leasing company takes care of this. Finally, you can save thousands off of your tax bills by leasing office gear. 

When purchasing equipment, you will be able to take a percentage of that expense and claim it back against your tax. However, all of the payments can be classed as a pre-profit expense when you are leasing, meaning every dime can be claimed back against tax. These are some serious savings that could help massively towards your 2021 budget. Another option to consider is purchasing pre-owned business equipment like used bill counter machines.

2. Hire Less Experienced but Good Candidates

In this climate, many people are hunting for jobs. You may well be in need of new staff but are worried about hiring experienced people on high wages. However, there is an alternative. Consider hiring less experienced candidates who are switched on and ready to learn. This way, you can hire junior staff at a fraction of the cost and train them up in-house. 

There is no need even to hire expensive staff to train your new hires. You can simply buddy them up with experienced team members and have them learn on the job. This unorthodox approach could save you thousands next year as you slowly train up your next generation of senior staff.

3. Work From Home

An obvious thing that half the world is doing already – working from home! If your business is suited to remote working, now could be the time to adapt. You will immediately save money on office space, travel costs, and people’s expenses. If you can go fully remote, you could consider downsizing your office space or getting rid altogether. This may seem drastic, but the expense of setting a few people up with work-from-home equipment is a fraction of the cost of running a large office for a year.

4. Hold Meetings Onlinesaving

In a similar vein, you could keep your office space but hold lots of your meetings online. Instead, stop paying for clients’ lunches and travel expenses and meet them on one of the many popular video calling apps. This small saving every time you have a meeting will surely add up to a huge amount over the course of a year.

5. Low-Cost Advertising

Look for new avenues for advertising which may be cheaper than your traditional adverts running currently. Using social media, for example, can be completely free. Or, paying for some targeted ads on social platforms can cost a fraction of the price of running a TV campaign. Simple, old school marketing tactics such as flyers and bumper stickers can also be hugely influential and cost very little. 

6. Save On Energy

Finally, whether you are working remotely or within work premises, energy costs can be a considerable expense for a business. There are plenty of ways you can save. On a simple level, switching to energy-saving bulbs and turning off all equipment overnight can slowly add up to significant savings.

If you are a much bigger business, consider implementing renewable energy such as solar into your business. This may come with an initial outlay but will quickly create huge savings on energy bills that will continue forever! Plus, all these things are better for the environment, which can’t be a bad thing!

With these 6 top tips, you will absolutely save money over the upcoming year. As we said, we appreciate that so many businesses need to save some extra cash right now, and we really think these ideas will give you a huge boost towards your saving goals. Good luck in 2021!