Ways for Norfolk Businesses to Save Money

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Tudor Lodge

Norfolk is home to an entrepreneurial spirit that's the envy of the United Kingdom. We're a county that loves business, and that knows how to do business, but like the country as a whole, we're having to deal with economic uncertainty. The impact of Brexit on Norfolk is yet to be seen, of course, but it's sure to bring opportunities as well as challenges for its business leaders. One way our businesses can keep ahead of their corporate rivals is by avoiding wastage and saving money without impacting on their products or services. With that in mind, here are three simple yet effective ways for Norfolk businesses to save money.

Don't Pay Too Much for Your Energy

All businesses should know exactly what their overheads are, and use this to ensure that there are no areas which leak money. One of the biggest overheads that most businesses face, whatever sector they operate in, is their energy costs, so it's important that you don't pay more than you really have to. The best way to get the best deal is to compare commercial gas suppliers and electricity suppliers via a specialist comparison website like Utility Bidder. You'll be able to see which suppliers offer the best service at the lowest price, and make an informed decision about who to sign up with. Don't forget to compare energy suppliers at regular intervals, as prices and deals can change rapidly.

Use Modern Marketing Methods

The world around us is also changing rapidly, and that means that traditional forms of advertising and marketing may not be as effective as they once were. We consume media differently, so adverts on radio, television and radio may no longer be seen or heeded. An increasing number of businesses in Norfolk and beyond are using the opportunities that social media brings to promote their products, and this can allow you to reach a much larger audience for a significantly smaller outlay. You'll need to have an active presence on all the main social media platforms, and remember that your posts should be vibrant, eye catching and entertaining as well as informative. Social media marketing can bring rich rewards, and it can also be an effective way to reach Millennial customers.

Make the Most of Outsourcing

Outsourcing some of your business functions can allow you to obtain high quality work at a very competitive price, so look for areas of your business where you can outsource tasks rather than recruiting directly into your company. This not only gives you added flexibility in that you can hire people nationwide, it also cuts down on the time and expense that a recruitment campaign can cost. Typical areas where you may be able to outsource include design, customer support, event management and accounting.

Don’t Use Overtime Unless Absolutely Necessary

Plan for the business so that overtime work and overtime pay is not required. While it’s commonplace to see companies resort to offering overtime to cash strapped employees in place of taking on someone part-time, it’s a bad idea. Having already completed their normal day’s work, the extra hours are sub-optimal. The overtime worker cannot perform at the same level and will likely be working early mornings or evenings to get work done. The altered hours lead to an increasing number of mistakes which may exceed what is gained. Also, their regular work will eventually suffer too when they don’t get enough rest.

Use Co-Working Arrangements to Save Money

Co-working is the idea of allowing full-time employees to work from their home office. It cuts out the commute and the need for a permanent desk for them. When either used as a strategy to reduce the office space required, or to manage rapid expansion without requiring an office move too soon, it can be a cost-efficient move.

Using co-workers is different to outsourcing because the staff still work for you. They’re under contract, receive most of the same benefits and can be expected to deliver when needed. Freelancers receive much less commitment from you or commitment to you. By mixing a little of both, companies can manage their costs and office footprint better while not sacrificing control of their operations.

Creating a lean, efficient company with the help of outsourcing, adopting social media marketing, and using a comparison website to find the best business energy supplier can save you significant amounts of money, year on year. That means that you'll be competitive whatever Brexit and other economic factors may bring our way, so that you can continue to contribute to the Norfolk business success story.

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