Managing corporate expenses is a challenge for a business. Energy costs are soaring due to the current cost-of-living crisis and have caused economic turbulence for many businesses operating from office buildings.
The total cost of running a 30-person office costs a total of £10,423 a year – a big expenditure for a company, especially if it is a startup. Luckily there are plenty of ways to cut down on office running costs. By improving your processes and thinking creatively, you can manage pressures around cash flow and free up money to invest elsewhere in your business.
Downsize
If your office was bought before the days of remote and hybrid working, then there is a good chance that it’s now being used at a lower capacity. Downsizing to a smaller workspace could do wonders for how much you are spending on rent and energy bills. This gives you the best of both worlds, as you still have a space for collaborative face-to-face working and client meetings.
This also gives employees a refreshing change of scenery, which can be great for workflow and productivity. Flexible office space means you won’t be needlessly chucking money away on an expenditure that is only used every so often.
Prioritise efficiency
If downsizing isn’t an option, then prioritising energy efficiency could cut down costs significantly. Shop around for the best deals with energy providers and ensure that all appliances such as fans, coffee machines and radios are unplugged when not in use. The same goes for any printers, computers and monitors.
Make the most of the money you’re spending on heating or air conditioning by making sure that your office is properly insulated. Using expanding foam like this from RS can secure window and door seals and keep them intact to prevent drafts and gaps. Consider insulating your water heater, piping and hot water tanks.
Consider part-time offices
If there are days your company primarily works from home, adopt a ‘rent an office’ model rather than a traditional rent contract. Hot desking has become a staple of modern hybrid working as shown in a study by Returning for Good, with 56% of respondents indicating that their office is set up this way.
Hot desks are workspaces allocated to workers when booked or on a rota system. They are only used when needed.
Set a budget
Being smart with your budgeting is a great way to cut back on expenses. From office supplies to outsourcing peripheral services, there are a lot of areas where your company is spending money. Having a set budget for each one will help you stay in control of your spending.
Order your supplies strategically means you will only be spending when necessary. Keep an eye out for flash sales and special deals throughout the year to get the best deals.