The times, they are indeed tough. So tough, in fact, that almost 100,000 businesses have closed down over the last year in the United States according to Fortune magazine. During these unprecedented times, business owners have to find innovative ways of streamlining their spending so that they can keep growing and flourishing – nobody wants to make anybody redundant. Instead, businesses are using some innovative techniques to shrink their budgets down to size. Business belt tightening is nothing new – the ups and downs of the economy have always been largely outside the control of all but a few hyper rich individuals.
Here are a few tactics you can use to save some bucks, keep your business on the up and keep all your staff employed.
Audit Your Water Usage
Every company spends money on water. If you are a business owner in a manufacturing or agricultural field, you will likely be giving a good deal of your annual budget to a water distribution company. Water auditors take a good hard look at how your company is using (and wasting) the stuff of life. They are usually able to suggest ways in which you can cut down on water waste and save a whole load of cash. Companies like Utility Bidder are essentially middlemen: they connect businesses with qualified specialist auditors that work on your behalf to cut water wastage and overspending.
Auditing your water usage is becoming increasingly important as climate change and population growth make water an increasingly scarce and expensive commodity. Unfortunately, the frivolous water usage we are accustomed to in the developed world will not be possible for much longer.
Generate Your Own Power
Solar and wind power are increasingly being used by innovative businesses to curb their reliance on expensive electricity providers. Some of the world’s biggest companies are using solar on a large scale to get off grid. Apple, for instance, generates 75 percent of the daytime electricity used at its headquarters on site using the hot Silicone Valley sun as a source.
While the cost of installing solar or wind powered generators is initially relatively high, the savings in the long run are huge. Interestingly, the use of renewable resources to power businesses is nothing new. The cotton mills of 17th Century England used water wheels that converted the kinetic energy of rushing water into motive power for spinning mules and weaving looms. In tough times, business practice is evolving to reincorporate self-sustenance.
Go Packaging Free
Plastic packaging is terrible for the environment. It can also be terrible for your business’ balance books. Many companies have begun experimenting with reducing the amount of single use packaging that they purchase and use. Food produce companies, for instance, have increasingly started to distribute their products in reusable crates instead of plastic wrap. No matter what you produce, it is prudent to try and implement strategies for reducing the amount of packaging you use. Customers will thank you for it, the earth will thank you for it and your accountant will be especially pleased.