Business owners in search of ways to save money may overlook some methods that may not be obvious at first glance. These unconventional money-saving tips might help you improve your bottom line.

1. Let go of less profitable clients

Dropping a client may not seem like the smartest way to save money. However, the reality is that time is money, so if you're spending a significant amount of time and resources on a client that isn't proving to be particularly profitable, it may be best to sever your relationship. This would free up your resources to be used with other clients who will put more money into your pocket.

2. Use motion sensor lights

As The Eco Guide notes,1 "Motion sensor switches, which are light switches that turn on when they sense someone in the room and are switched off after a certain amount of inactivity (which can be set by the individual), can be installed in the home, to reduce the possibility that lights will be left on and waste electricity. These switches can range from $20 to $150, and can be purchased at hardware stores; they do not have to be expensive, unless you are looking for more complex features, and they are easy to install."

What conserves energy at home can be used in the office, as well.

3. Declutter and sell items

If you were trying to rack up some savings in your personal account, you might have a garage sale or list some items on eBay® or Craigslist®. Why not try a similar strategy with your business? Take stock of any extra equipment, surplus or outdated inventory, unneeded office supplies, etc., and sell them to make extra money. You can make your workplace less cluttered and more pleasant in the process.

4. Cut down on business travel

Some travel may be unavoidable, but if you can help it, put the brakes on travel and the expenses that come with it. You can network through online means, and you can set up meetings via Skype® or other conferencing solutions. This doesn't mean you can't pick up traveling again in the future, but as a way to save some money in the near-term, it may pay to skip some of it for now.

5. Unplug equipment

Another way to save some money by cutting down on your energy bill is to stop leaving equipment, including office computers, plugged in all the time. Have your employees unplug their equipment each day before leaving the office, or have the last person to leave handle the task. This may not seem like a major money-saver, but over time, the savings can add up.

6. Offer perks instead of benefits

Benefits are a great way to attract and retain employees, but some can be expensive to offer for a long period of time. An alternative is to offer some less costly perks, which younger workers are often looking for anyway. The Olson Group2 has a great list of free or inexpensive perks, including, but not limited to, flexible work options, free car washes, yoga classes, and the option of bringing your pet to work. Survey your employees and see which low-cost perks they might enjoy.

7. Offer remote work

The ability to work from home is a perk many workers covet, and you can save a tremendous amount of money on office rent, utilities and other associated bills if you set up an arrangement for remote working for some (or even all) of your employees. This won't work for some businesses, but if you operate one that can easily translate to remote work, it's certainly worth considering.

Even if some of the above money-saving tips are not realistic for your business, it's always worth exploring alternative ways to cut costs and keep your bottom line in better shape. It can pay to look outside of the obvious.

1. https://theecoguide.org/benefits-using-motion-sensor-light-switches

2. https://theolsongroup.com/25-cheap-employee-benefits-improve-business/

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC