9 Cost-saving Ideas for the Workplace

With competition increasing and many consumers turning to eCommerce, many retail and hospitality businesses are constantly facing downward pricing pressure as consumers shop using their own cost-cutting ideas.

In such an environment, cost reduction is a more viable route to profit than boosting prices. So let’s review some useful cost-saving ideas for companies.

1. Use energy-efficient appliances

When was the last time you invested in quality appliances? Whether you need kitchen equipment, digital displays, or office computers, you want to use modern, energy-efficient devices.

How much can you save with these appliances? Matt Daigle, an expert in sustainable home improvement, states that Energy Star appliances can save you between 10% to 50% of the energy required^[1][2]. 

While these energy savings do not always lead to a 10% to 50% reduction in costs, they still can be quite significant. So, if your appliances are outdated or stop working, make sure to look for Energy Star products to reduce expenses.

2. Turn off devices at the end of the day

Even if you have modern, energy-efficient appliances, you want to encourage your employees to reduce power consumption as much as possible. All too many people leave devices running at all hours, leading to higher operating costs that only you will see. By instructing employees to turn off these “energy vampires,” you can reduce your monthly energy bill by up to 20%^[3]!

3. Repurpose old items

Creating your own displays and decor is a fun and efficient idea for the workplace. In many cases, it costs nothing aside from your time to repurpose items into retail displays for your store. Not only will this save you from buying shelves and other equipment, but it will also add to the charm and appeal of your business. 

Depending on the style of your business, this may manifest very differently. For example, you can use old cabinets and wardrobes to hold items instead of standard metal shelves. Likewise, you can store candies and small items in glass jars, instead of buying bins from a distributor. 

There are many guides for design inspiration online for upcycling, reusing and more.

4. Improve your bookkeeping

Taking control of your finances is one of the first and most important steps in reducing expenses. After all, how can you identify and track cash flow, income and accounts if you don’t know what to look for? 

Efficient business management in the 21st century often begins with data collection, often gathered by a POS system or integrated accounting software which most large companies have been using for many decades.

Using this technology, you can save costs come tax season. Since your accounting program logs all your financial records, you can provide your accountant with all the documentation they need. Having all the right supporting documents also allows the accountant to complete their work quicker and cheaper.

5. Make smarter staff schedules

Many business owners struggle to keep labour costs low. From paying wages to spending money on interviews and background checks, employers invest a great deal into human resources.

With a modern point of sale system, you get access to detailed business analytics and staff scheduling software. This information is very useful when it comes to building staff schedules. By charting your busy and slow times through detailed seasonal, weekly, and daily sales data, you can better optimise your staff schedule.

6. Build your own online ordering website

Whether you own a store, restaurant, or service-based business, once established, websites can increase the efficiency with which you make sales and gain new customers.

Unfortunately, too many small businesses use marketplaces or web builders that charge high fees that severely cut into profit margins. Most POS systems have integrated online platforms that provide innovative cost-saving ideas and options for the eCommerce industry.

For retailers, this can mean moving away from eBay and Amazon to a professional eCommerce website. Platforms like Shopify make it easy to build a website, collect payments, and manage your inventory. Best of all, some integrate with your point of sale so you can track data in-store and online. 

For hospitality businesses, you may not need a full website, but you can reduce your reliance on services like UberEats. These mobile ordering companies make takeout and delivery easy, but they charge high fees that often lead to lower margins. 

Instead, you can use a service like Epos Now Order and Pay to build a simple online ordering platform. Customers can view your menu, place an order, and pay all from their mobile device or computer. This way, you get more control over the experience and can provide online ordering on your terms. 

7. Reduce employee turnover

While it is easier said than done, discouraging employees from leaving your business is a solid way to reduce costs that you should practice full-time. Each time you retain an employee, you save the money needed for placing hiring ads, staffing interviews, and processing paperwork. On top of this, you avoid having to train a new hire, increasing your labour costs for some time. So keeping morale and motivation high in your team is a great way to cut costs.

According to one Forbes contributor, here are five ways to reduce turnover^[4]:

• Hire the right people: Find employees who can succeed at the job, plan to stay for a while, and fit your culture.
• Offer competitive pay and benefits: Pay employees what they are worth. Otherwise, they will leave when a new opportunity appears.
• Give praise: Show your staff that you value their effort. While many people work mostly for the money, they also want to have a friendly work environment.
• Show the career path: Offer regular check-ins with employees and show how they can grow with your business.
• Allow flexible work schedules: Give your workers freedom when they need it. While you do not want to interrupt operations, allowing for flexibility can increase job loyalty.

8. Improve inventory management

Your inventory is meant to make you money, but it could actually be hurting your bottom line. When products sit on shelves for far too long, you take a loss when you liquidate them at a lower price. Likewise, when items are lost or stolen, you increase your shrinkage costs.

With a reliable inventory management system, you can keep track of all your items and get complete oversight. Not only can you see accurate stock levels but you can also analyze how items sell. For example, if certain products are slow to sell, you can stop carrying that item to reduce overstock issues.

When implemented and used correctly, your inventory management system will help increase profit margins by reducing wasted spending.

9. Shop for better payment processing

Imagine a retail store earns $30,000 in revenue per month. If Company A charges a 3% processing fee, the store pays $900 per month to its processing company. If Company B charges a 2.5% fee, the store pays $750 per month to the company.

In this example, the store would save $1,800 per year by switching to Company B.

When it comes to credit card processing, failing to shop for the best rates can cost you thousands of pounds in the long run.

Manage your business with an Epos Now point of sale system

As shown by many of the business cost-saving ideas above, you need a POS system to take complete control of your business. From managing inventory and staff to integrating with eCommerce and accounting programs, your POS is the main device for all business operations. 

Epos Now provides a range of POS systems for retail and hospitality businesses, selling handheld, tablet, and desktop devices to match any business model. Better yet, our software uses cloud technology so you can access your business data and implement management decisions from anywhere with an internet connection.

What’s more, Epos Now offers:

• Streamline your sales setup to shave time during transactions and satisfy customers
• Manage inventory through barcodes, categories or previous lists, with flexible stock control technology
• Choose from hundreds of dedicated apps with business tools for every part of trade
• Receive business advice whenever you need it to get the most out of your system with an expert support team

To find out more about Epos Now solutions, submit your details below and speak to a member of our expert team.