As a business owner, your main aim is to make a profit. Even if you hold sentimental value or are passionate about helping the community, you must make the dough to keep the doors open at the end of the day. There are different approaches you can use for this. You could purchase more stock or widen your target market, but saving money is even better and more achievable. Here are some great business investments that will save you money.
1. Commercial Recycling
Diverting waste away from your commercial trash bins is a quick and simple approach to save on hauling expenses. Your trash disposal costs are primarily determined by the total volume of waste and the number of pickups required. By setting up a commercial recycling program, you can be certain that your business will send less waste to landfills. As a result, you won’t need frequent trash pickups and hauling, a great way to save you money.
The amount of waste that goes into the trash can, which could be recycled, may surprise you. Work with a commercial recycling service to help audit your waste for recyclables. Besides lowering waste management expenses, some recycling initiatives can potentially generate revenue for your businesses.
As they say, one man’s trash is another man’s treasure. This saying also applies to your business’s trash. You may find you can sell a significant portion of your company’s waste to recycling facilities to generate extra income. Examine the garbage your company now generates, looking for any valuable materials. Waste that can bring you money includes paper waste such as cardboard, office paper, scrap paper, scrap metals like steel, copper, aluminum, and old electronic devices.
2. HVAC Maintenance
A working HVAC system is a must-have for any business that wants to succeed. Summer can get extremely hot and make you wish you could walk around topless, while winter will have you wearing all the jackets you have. If you fail to keep up with your system’s maintenance, you’ll have no control over the indoor temperature in your business facility.
The slightest dirt buildup in your business’s HVAC system can do significant damage, translating to costly repair and replacement costs. In heating equipment, dirty or weak pilots may be extinguished and cause the furnace to switch off. Dirty evaporator coils can reduce the system’s performance and lead to compression failure in cooling equipment.
When machinery starts breaking down, air conditioner repair costs are expected to rise, and equipment lifespans may drop by as much as ten years. Simple maintenance tasks like component inspections and cleaning will greatly improve your HVAC system’s performance and save you money. According to Johns Service, a brand-new evaporator coil for your air conditioner may cost you $1,800 before installation fees.
Covering this out of pocket will harshly affect your bottom line. The good news is that HVAC manufacturers provide at least a ten-year warranty. However, routine maintenance is typically a requirement for the coverage to stay in effect.
Just like if you go a year without getting your oil changed, an auto insurance provider won’t cover the costs of replacing the engine; without documentation of yearly maintenance, an HVAC firm won’t agree to your warranty claims. You must also ensure that the HVAC experts you hire have the required training and expertise and only use genuine components to service your system. A few hundred dollars a year can help you avoid spending thousands.
Routine HVAC maintenance benefits your equipment, the environment, and profits. A dirty, worn-out system can result in unnecessarily high energy costs, wasting a significant portion of your facility’s budget. Dirty condenser coils directly increase electrical bills, while loose belts reduce airflow, causing other components to struggle. Burners with dirt buildup will result in poor combustion, causing heating costs to rise.
With preventative maintenance, you can always be sure your HVAC system runs at peak efficiency. The U.S. Department of Energy says your business can save up to 30% on cooling and heating costs. Things get even sweeter. Energy-efficient buildings may be eligible for an ENERGY STAR tax break.
3. Electrical Maintenance
In today’s business environment, you likely use electricity in all your business operations. Working with commercial electrical services to ensure your power is working for you rather than against you is only logical. There are several ways maintenance can save you money. If your business’s electricity bills leave a significant dent in your finances, an electrician can help you get things under control.
Energy efficiency is more than ensuring your facility has the proper outputs and minimizing wastage. It’s also about reducing the total electricity consumption so you can start enjoying reasonable monthly bills. If the wiring in your buildings and appliances isn’t up to standard, you’re likely consuming more electricity than necessary. Get a commercial electrical service to evaluate your facility immediately if you want to conserve power and cut energy costs.
Another justification for collaborating with a commercial electrical firm is safety. The National Electrical Manufacturers Association estimates that 60% to 80% of electrical surges are caused by faults within the company. Enlist the professional help of an electrician to ensure your electrical infrastructure isn’t putting you at risk of a total breakdown.
It has always been said ‘prevention is better than cure.’ Having an electrician perform routine inspections is in your best interests as it will help them spot potential issues in their early stages, allowing for more effective remedies. With a consistent maintenance schedule, you’ll experience less downtime, workplace injuries, and damage to your structures. Professionals will suggest things you should replace before they break down so you can always have a steady electricity supply.
4. Plumbing Maintenance
Regularly performing plumbing maintenance with the help of commercial plumbing services is vital to the success of any business. Plus, it can save you money in the long run. Think about it.
When you experience issues with your plumbing system, it’ll cost you money to fix. However, when you enlist the help of a commercial plumber for services such as sewer line and drain cleaning, they’ll spot small issues before they become bigger ones that are harder to address. In the long run, this will save you a lot of money.
Professional plumbing services can also help you reduce your water consumption. They’ll do this by addressing leaks before they get out of hand and recommending and installing low-flow fixtures. Over time, this will save you money on your water bill.
Having a plumber on-call will be a massive boon for your company, especially if your operations depend on having access to water on demand. If your water supply was abruptly cut off, business would come to a standstill. When toilets become blocked, or faucets fail to shut off, even a ten-person workplace will quickly experience operational problems. Thanks to plumbing maintenance services, you can relax knowing your business’s plumbing is in peak condition. Although it might initially seem unusual, employee complaints regarding workplace bathrooms are among the most frequent.
Before hiring plumbing contractors, ensure they’re licensed and insured. Read internet reviews and client testimonials to understand how past clients feel about a specific plumber’s services. When speaking with a representative, let them know if you have any unique plumbing needs.
5. Re-purpose Crates
As the importance and benefits of adopting cleaner, greener, and more efficient recycling initiatives become common knowledge, customers may have special criteria for the crates they need. For both the manufacturer and their customer, switching to shipping crates or a crate design that’s reusable and serves many purposes has several benefits. Whatever you want to call reusable, green, or sustainable crates, anything that can be utilized repeatedly and for several different things is incredibly advantageous for both the environment and your bottom line.
You’ll be happy to know that almost all crate materials are available in recycled alternatives. You only need to talk to your crating supplier to discuss your options. It’s also a good idea to adopt the practice of reusing crating materials. You can do this by designating the duty of sorting and organizing them for some employees.
Collaborate with your crating provider to develop a design that’ll help reduce waste. When your suppliers conform to your crating requirements, you can significantly reduce waste and reduce costs to save you money. There are also some environmental benefits to re-purposing crates. For example, it keeps waste away from the solid waste stream, lowers greenhouse gas emissions, and supports source reduction.
6. Invest in Shrink Sleeve Packaging
Whether a consumer or business owner, you’ve probably witnessed the rise of shrink-sleeve packaging over the past ten years. This packaging alternative is a popular choice for personal care products, craft beer cans, and tamper-evident pharmaceuticals, indicating continued growth. There are several reasons why this is the case.
One of the most notable is it can save you money. Here’s how. You can stock up on shrink sleeves and only use them when the demand arises. For example, for short runs like seasonal offerings, promotions, or new products. This way, you can reduce wastage when a product isn’t selling.
Interestingly, your business can recycle shrink wrap labels. The sleeves also provide additional support for their container, allowing manufacturers to reduce its weight. It also helps that engineers have been developing thinner sleeves, which has helped to reduce the amount of plastic. New biodegradable films are also making their way into the market.
Shrink sleeves are reverse printed to seal inks behind a clear film. This means you won’t have to worry about scuffing or tearing during transportation. Ultimately, it’ll reduce the number of unexpected expenses.
7. Keep Up With Car Maintenance
When it comes to business cars, regular maintenance is what will save you money. Major repairs like auto hail repair are significantly more expensive than routine upkeep. There are a few things that you should especially focus on.
Follow the owner’s manual’s advice on the recommended interval between tune-ups. Maintenance encourages longer lifespans by helping to identify minor flaws before they develop into more serious mechanical issues. However, this is only true when you’re consistent.
Have your employees inspect the air filters in each automobile once a month and clean or replace them as necessary. Clean filters will keep the engine in good condition and promote gas mileage. For the fluids, replace after every three years. However, ensure the staff checks the clutch fluid, brake fluid, transmission fluid, engine coolant, and oil regularly. If anything needs replacing, don’t procrastinate.
Another important maintenance task is checking the rims and tires. Ensure all tires have balance treads and are properly inflated. Driving with uneven or under-inflated tires frequently results in reduced fuel efficiency. It may also harm the suspension system of the vehicle.
Poor tires can also lead to accidents. Pay attention to any changes to each vehicle’s fuel efficiency. A drastic decline might indicate a more significant issue with the car.
You can also invest in your business car or cars to improve performance. For example, you can partner with a turbo repair shop to fit your car with a turbocharged engine. This will give you extra power without sacrificing fuel efficiency.
Adopting and integrating technological solutions into your operations will save you money in several ways. A great example of a technology that’ll help is AI. Many of the tedious, repetitive tasks that were formerly assigned to low-skilled staff can now be completed by machines.
By using AI, you can avoid paying labor for jobs that computers can accomplish just as well as humans. You can invest the money you save elsewhere in the business by hiring highly qualified personnel.
There’s also technology that can help with your marketing efforts. Some software can help you with the analytics side, which is especially helpful for social media marketing. When you use them, you’ll save money while increasing the effectiveness of your campaigns.If your business operations mainly involve logistics, your fleet’s safety and lowering costs will likely be your biggest concerns. Creating a video-based fleet safety program is a means to prevent fraudulent claims, lower the risk of expensive accidents, and save you money. The real-time footage will also help with driver training, as it’ll be easier to spot bad habits. Legal costs are also a concern for fleets, but with this technology, you can readily access proof if any legal issues develop. You can search the web for a manual addressing your concerns and demonstrating how to develop a video-based fleet safety program.
Running a business is one of life’s most fulfilling experiences. Still, it comes with its fair share of challenges, most involving finances. The good thing is that some business investments that don’t involve buying supplies at pawn shops can save you money. Use this read as a guide to get you started.