We are in for a long dark winter this year, with a second lockdown coming into effect later this week and many businesses struggling to survive. The government has extended the furlough scheme, which will help thousands of businesses continue to pay staff, but with a tough few months ahead many are looking to implement cost cutting elsewhere now to reduce their overheads.
Downsize office space
One positive that has come out of the last few months is the realisation that employees do not always need to be in the office to perform their work. Few people will miss the financial and time cost of commuting, and whilst most businesses may return to utilising office space in 2021, many are already looking to downsize.
Whilst many people enjoy being in the office for the camaraderie and shared experiences, many would prefer to have the flexibility of working from home a few days a week. And as it appears that productivity in unaffected by working from home, then businesses will likely adapt to hotdesking with fewer desks and less office space, which should in turn mean lower rent.
Adopt a BYOD policy
As companies have adapted to employees working from home, most have also adapted to staff using their own devices to perform their duties. Having a “bring your own device” policy for phones and laptops means that employees do not have to maintain two different devices or carry around two phones, and the business can subsidise some or all of the cost of the device and the monthly phone plan.
By subsidising these devices, companies can make sure their employees have the devices needed for their work wherever they are. And the total cost will remain lower than the cost of a desk, office space, and a work computer in a traditional office.
Change utility supplier
Loyalty is rarely rewarded by utility suppliers for either homes or offices, and so it pays to shop around when a contract has run its course. Some businesses can save up to 45 per cent on bills if they search for a new internet provider or compare business electricity rates on a site like Utility Bidder, and may also find better service.
Government regulations make it easy and quick to change utility suppliers without service interruptions, and a price comparison service will find businesses the best deal within minutes.
Move to a paperless office
Paperwork is difficult to file, easy to lose, and a headache to store, with a shift to a paperless office offering significant savings in both time and money.
Most business is done digitally today, and whilst it may prove useful to maintain a basic printer for rare cases where a paper document is required, digital copies are a cheaper and more efficient alternative to paper. And with cloud storage costs continuing to fall, keeping secure digital records has never been easier or cheaper.