Things You Can Do To Save Your Company Money This Year

We are all about saving money, finding ways to cut the budget, tightening the company belt so that you're not scrambling to maintain daily cash flow. A new year means a fresh start and thus a new chance to proactively save your firm money. We thought we'd offer some tips regarding ways that you can help your company save in 2019!

1. Switch to Digital Communications. It's not just paper that you are saving on. By switching to primarily digital communications you are also preserving money that you'd otherwise spend on ink, printer repairs/replacement, envelopes, stamps, the list goes on. Not to mention, you are consciously making an effort to do your part as far as becoming more sustainable and implementing "green" changes.

2. Creative Advertising. If you stop to think about it, a big chunk of capital is spent on advertising. Whether online or more traditional forms, the marketing/advertising budget can potentially be thousands per month. Step back and come up with more creative ways to achieve similar ends; meaning, maybe you put more time and effort into getting articles placed and/or picked up organically versus a paid spot. Or, you could also look into influencer marketing and enhance your social media presence.

3. Negotiate with Vendors. This is potentially a huge money saving strategy. Your usual vendors may be taking for granted the fact that you are automatically going to go with them and therefore they are not forced to present their most competitive pricing. By explaining that you are in fact going to shop around, you put vendors and suppliers on notice that you do expect them to put their most competitive foot forward.

4. Look Into Outsourcing. Depending on the size of your company you may not need an in-house accountant or an in-house web administrator. The number of outsourced positions within a business is increasing yearly. This is a less expensive way to still get high-quality work.

5. Conserve Electricity. This may sound relatively simple, but you'd be surprised at how many firms waste electricity. You can switch to LED lighting; you can shut down computers and devices when not in use. You may also consider having an energy audit done to see where exactly your company is losing the most money in terms of electricity usage.

At First Union, we like to see companies thrive. Your success equals our success and that is why we would be happy to sit down and review financial options that might just help your business expand even more in 2019. Call today!