Cost-Saving Initiatives in the Workplace

It’s a question companies have been dealing with since the Industrial Revolution. How can we increase profit and minimize spending? The fundamental goal of any business is to make as much money as possible while saving as much as they can on operating costs. Since, at the end of the day, companies and corporations are there to make money, what better way is there to make money than by saving it? The list of ways you reduce costs at your office can be boundless, but for your convenience, we have limited our list of corporate cost-saving ideas to five points.

1) Switch to Paperless

Not only will this cut operating costs at your office, but it’s also good for the planet and it will save on storage space. The best part is that it’s really easy to implement. The first step is to avoid printing things at all costs. If a document can be viewed on a screen, don't print it out. This includes contracts which can be signed electronically, rendering the need for printed contracts unnecessary. Next up is to change invoices and bills to paperless delivery. These small changes will save you money on printer,ink, and paper costs, reducing the clutter in and cutting out cleaning and organization expenses.

2) Buy In Bulk

A great way to reduce costs at the office is to buy more than one of everything. If you have the storage space, buy everything in bulk. Get your pens, ink cartridges, paper coffee mugs, and plastic spoons. Always keep an eye on the current prices of office goods and when they drop, buy as much as you can. It may seem more expensive in the short run, but it is a great way to cut costs in the long run and it ensures that you never run out of much-needed supplies. In addition, don't be scared to negotiate for a better price when buying in bulk. You’d be surprised how many brick and mortar and online stores have promotions for buying more than one of something.

3) Take Your Advertising Online

Advertising and marketing is a huge part of any company’s budget. An easy way to save money in your office is by reducing this budget exponentially, and that can be done by switching your marketing to online advertising. There are many different paths to take in the world of online advertising, so some research may be needed to find what's right for you. In general, though, online advertising is the cheaper option. It’s easier to manage, you have more control over your audience, you can reach your intended target markets easily, and it makes tracking your ROI a breeze. It's a great way to reduce costs and it comes with many more benefits.

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4) Switch Out the lights

Yes, we mean ‘out’. As in switch them out for cost-saving LED alternatives. This is a great cost saving initiative that any workplace can implement. Visit your local hardware or lighting store and ask them what options they have - they will be able to advise you on what is best for your specific situation.

Also, when no one is in the office, actually turn off the lights. If you’re in a large office and manually turning off all the lights is too much of a hassle, or you always forget, there are other ways to implement this. One way is to have your lights on a timer switch or connected to motion sensors that automatically switch off the lights when no one is present. This can also extend to computers, printers or any other electric equipment. By doing this, you will see a reduction in expensive electricity costs.

5) Save on Manpower

There are some things that don't need to be done by employees, so why not automate those processes or outsource them in order to save time and money? For example, instead of yourself or an employee filling out a spreadsheet with data from the internet, you can automate the process using some free online software or by passing the job on to a freelancer online. Services such as Upwork or Freelancer are great for this.

Now Go Save Yourself (and Office) Some Money

There you have it, see how easy it is to implement simple cost-saving initiatives in your office? Don't feel pressured to implement all of these at once. Try by starting with one for a month and see how it goes. If you achieve the results you are aiming for, add another, until you have many avenues of saving costs. This will leave money in your budget for other important things, perhaps a little bonus for yourself or your employees, or even an office party to celebrate your success.

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