October 20, 2020

How to conduct cost saving in a workplace?

The business environment has seen unprecedented challenges as a result of the Covid- 19 pandemic. A primary concern is rising costs of the business and not having the income to facilitate this. Therefore, cost-saving has become the new aim for many businesses to become more efficient through challenging times like this year.

The following five points, provided advice on how to cost save in the workplace.

  • Use a Smart Thermostat

Business are now approaching Winter, and many are returning to the office, therefore having a smart thermostat can boost productivity in the work environment and save on wasted energy. Once, this is installed in the office, the thermostat identifies the climate control preferences of the workplace and builds a profile based on the preferences. According to data collect by NEST, in the UK in 2019, business offices saves an average of 10% - 12% on their heating.

  • Increasing employee progression and engagement to minimise the risk of recruitment costs.

Employee motivation and increasing engagement, link very closely as they both improve the efficiency of the business. With employees engaging more, this provides better productivity as more ideas, concepts and strategies are being created. Improved engagement allows employees confidence to grow; this helps retain the best employees in the business and is minimising the risk of them leaving. The enhancement of company culture can be evident through engagement, as company values are being demonstrated to customers and beyond. This is highly beneficial for any business; having a reduced employee turnover is a highly efficient method of cost-saving as it is building on the skills and qualities of existing employees.

  • Switch to Paperless

This cuts the operating cost at the office, whilst saving storage space and is allowing the office to become more sustainable. The small changes of becoming paperless will save cost on ink, printer repairs, paper cost and reduce the inconvenience with printers.

  • Evaluate Outgoings and renegotiate

Every business quarter, it is essential to re-assess operational expenses, and evaluating if the costs can be lowered. For example, calling suppliers to renegotiate the rates, this can lead to significant savings which can be put into another part of the business.

  • Energy Saving Measures in the workplace

Although it seems very straightforward, one of the workplaces most significant bills derives from electrical items not being switched off. Leaving an electrical device on overnight can add £200 to the yearly account. Therefore, when computers are not being used either put it in rest mode or switch it off, it is highly beneficial towards the costs.

You can also book profitability review with one of our consultants- that will help you identify opportunities for growth and where to cut spending.

Contact us - info@rdsconsultants.co.uk l 0116 223 5887

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