Friday, July 3, 2020

3 business tips for saving money during Coronavirus

Coronavirus has changed every business in the world.

Whether you’ve been made to work remotely, put your staff on furlough, or redirected your resources into creating products to help stem the tide of the virus, things are different now.

Some changes have been positive but many businesses are feeling the financial cost of COVID-19 and need to find ways of making savings.

Here are three tips that will help you to cut costs without damaging your business – in fact, each one is simply about running your company more efficiently and doing so in a way that’s sustainable.

Reduce your travel costs

Travel is down during Coronavirus, with many businesses forced off the roads. However, many companies do still have to travel and those that do can save money by further reducing their fuel costs.

Fuel is such an easy thing to overspend on. Simply using the wrong stations, not driving cars optimally, and taking the wrong routes all mean that you spend more money on it than you need to.

Fuel cards can help you stop your business from overspending on its diesel and petrol. They can give you access to cheaper fuel, help you to monitor your usage, and review how your drivers are using your vehicles.

You can check out this guide to learn about the benefits of the Fuel Genie card, or you could research some of the other great options you can choose from.

Cut out non-essential employee benefits

Employee benefits are one of the things that separate good employers from bad ones. However, during these times, you may be paying for ones that are no longer providing the benefits that you expect from them.

Gym membership is one of the main employee benefits that many employers are still offering. It’s simple, really, the gyms aren’t open during Coronavirus so your employees can’t benefit from a membership to one.

Reviewing your benefits package to see what you’re still paying for is a quick way to save money during the pandemic. You’ll find plenty of small costs from these benefits that add up to a large, unnecessary drain on your finances.

While it would be advised that you remove non-essential employee rewards, an extra tip is that you put some of the savings towards things they can benefit from – like Amazon vouchers and gift cards. This will make sure they don’t feel like they’re losing out, especially as they’re keeping your company going during Coronavirus.

Carry on working remotely

Lockdown began in the UK on 23 March, forcing thousands of businesses to work remotely, as they were told “Stay Home.” This message changed to “Stay Alert” on 11 May, giving a number of companies the potential to return to the office. It’s a temptation you should avoid.

The health of your workers is the obvious reason to persist with the “Stay Home” mentality. However, doing so also protects the financial health of your business because it reduces the overheads that you’re spending cash on.

Gas and electricity is a key example of this – if you return to the office then you’ll build up costs on these just by being in the building. By continuing to work remotely, you can save money in a straightforward but effective way.

Of course, it may be that there are areas of your business that demand you return to the office. This is unavoidable, but you can mitigate this by making sure you keep everyone at home that can do their work remotely. Not only will you have a happier workforce, but you’ll also have a happier company account.

Reducing your travel costs, cutting non-essential benefits, and carrying on working remotely are three simple tips for saving money during Coronavirus.

But the best thing about all three of these savings is that they’ll continue saving your company money once Coronavirus ends.

So, put the steps in place to introduce these three tips and make some important savings for your business.

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