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Reducing the cost of running a business is something every business owner wants to achieve. Spending less on day-to-day costs can relieve some of the burdens your business faces and will ensure that it remains profitable for the foreseeable future.
While reducing costs is always a priority, modern business owners face an additional challenge. As well as focusing on the profitability of their company, business owners need to examine the environmental impact of their operation and reduce it. Reducing your business’s impact on the environment may sound like just another task to add to your list, but taking action and introducing a greener approach to your company makes excellent business sense. The more eco-friendly your business becomes, the more prepared it is for future sustainability challenges. Having an environmentally friendly business is also beneficial for its reputation. Consumers are increasingly eco-aware, which is reflected in their spending habits. Hence, the more environmentally friendly your business becomes, the better its chances of capturing the attention of eco-conscious consumers.
These tips will show you some of the ways you can reduce your business’s costs and actively reduce the impact your business has on the planet:
When you aim to reduce running costs and become eco-friendly, it is vital to plan how you will achieve this carefully. Rushing in and making many changes at once can mean that you don’t get the long-term cost savings you hoped to realize. It is useful to take a measured approach and begin by assessing your current costs and establishing where savings can be made. Searching for the biggest drains on your resources in terms of energy and wastage is the next step and will enable you to identify where eco-friendly changes should be focused.
Make Simple Changes
Some of the most straightforward changes you make to your business can be the most effective when saving money. Small eco-friendly changes such as replacing your light bulbs with energy-saving alternatives can significantly reduce your electricity bills. It is also helpful to consider installing sensor lighting where possible to prevent lights from being left on when they are not needed. Switching from incandescent bulbs to more efficient alternatives can help you to achieve savings pretty quickly.
Another fast and easy change you can make is to encourage your team to bring reusable cups into work so that you can reduce your use of disposable coffee cups. This simple change could see you cut down the amount of waste your business generates by a significant amount. Minimizing disposable cups is an excellent way to cut the cost of buying them for your team to use each day. This could also help to reduce the cost of your trash collection, as, over the year, your waste will be heavily reduced. So simply changing cups enables you to make two cost savings in one go.
Check Eligibility for Incentives
Did you know that making environmentally-friendly changes to your business could not only save you money on running costs, but it could have further financial benefits? Suppose you have energy-efficient business premises, or you are planning to make retrofit changes to increase its green credentials. In this case, it could be possible to secure a 179d energy efficient tax deduction. If you own your commercial building, then you may be able to obtain this tax deduction, which is calculated per square foot of your premises. If you are considering applying for this deduction, you will need to check that your building qualifies as it will need to meet specific criteria to secure the deduction successfully.
As well as researching the tax deduction for energy-efficient commercial buildings, it is also worth investigating further incentives that may be available. You could find that there are government grants available to fund eco improvements at your business, so it is worth taking a look to see whether there is anything worth applying for before you make significant changes to your building.
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Become a Paperless Organization
Do you find yourself continually placing orders for reams of paper, toner, and ink? If so, you will know how expensive these items are to buy, especially when you need them in large quantities. Paying for the maintenance of printers and photocopiers is also incredibly costly, and the electricity required to operate them is yet another cost to consider. Storing and archiving paper files and then organizing for them to be collected and shredded is a never-ending task when your company is paper-based. Managing these documents and files can become a headache and is incredibly time-consuming. These factors are all excellent reasons to consider going paperless for the sake of your company’s finances as well as the environment.
It may take a while for your employees to adjust to the idea of being a paperless organization, especially if they are in the habit of automatically printing out every document. But, creating effective electronic alternatives to replace paper-based files will make the transition to a paperless organization a lot easier and more effective.
Keep Up With Building Maintenance
Having a well-maintained commercial building is about more than simply keeping it looking great; it also plays a vital role in helping it to run efficiently. When you are trying to save money and cut running costs, it is tempting to keep delaying building maintenance tasks until they are desperately needed. But, putting off the maintenance jobs that your business needs will often mean that you pay more in the long run. The more run down your buildings become, the more expensive it will be to get them repaired.
Maintenance tasks such as getting your heating and cooling systems serviced regularly are incredibly crucial. Without frequent maintenance, these essential parts of your building can become clogged with debris such as dust and pollen. But, regular maintenance will help keep the ducts clear and enable your systems to run efficiently. With your heating and cooling systems running efficiently, you should see their energy consumption start to drop and your bills reduce as a result.