UK economic growth is slowing. PWC projects that growth will decline from 1.4% in 2019 to 1.3% in 2020, down from a longer-term rate of around 2%. With the latest Brexit deadline extension, the UK’s departure from the EU continues to cast a cloud of uncertainty over the economy. As such, proactive businesses should be on the lookout for ways to ensure that they are running as lean an operation as possible as we head into the new year. To help with this, we’ve rounded up five ways to get your business spending in shape for 2020.
1. Review Your Subscriptions
Most businesses trial different tools and subscriptions as part of their day-to-day operations. Some work better than others, meaning that certain subscriptions end up being under-utilised. How many subscriptions and tools are you currently paying for but not using? Prepare for the new year by reviewing what you’re using and what you’re not, then save a few pounds by cancelling all those you don’t need.
2. Consider Your Mortgage Costs
For those businesses that own their premises, there’s plenty of scope to save money by remortgaging. When did you last use a broker to review the best remortgage deals available to you? Doing so could end up saving your business hundreds of pounds every month in terms of its premises costs, so if you haven’t weighed up your remortgaging options recently, it’s certainly time to give this some thought.
3. Rethink Your Advertising
When an advertising strategy works, it’s easy to rely on it year after year and stop thinking up new advertising tactics. However, the way that consumers engage with brands is changing all the time and there are some fantastic low-cost strategies out there for connecting with your customer base. As such, why not review your advertising plans for 2020 and consider throwing some fresh, low-cost alternatives into the mix for the start of the new year?
4. Build Telecommuting into Your Routine
There are plenty of advantages when it comes to telecommuting and one of them is cutting your costs. Telecommuting policies mean you need less office space, less furniture, fewer office supplies and less equipment. You can even make a saving on workplace tea and coffee! Telecommuting can also increase employee satisfaction and thus lead to lower staff turnover costs – another way to save money in 2020.
5. Focus on Workplace Wellness
Ensuring that your workforce is happy and healthy isn’t just about being a popular boss. It’s also about boosting your business. Mercer reports that British employers lose an average 27.5 days of productive time per employee each year. This is the result of staff taking time off sick and of them coming in when unwell and thus underperforming.
Obviously, people will get sick from time to time. However, if you foster a culture of positivity, where employees feel genuinely valued and look forward to coming in to work each day, the chances are you’ll seek your sickness absence rate fall and your productivity levels rise. So, what changes can you make to ensure that employees feel more valued in 2020? Remember, this isn’t about having to spend money, but about showing that you care.
A new year is a great time to ensure that your business is in tiptop shape, so make sure you’re prepared to get the very best out of 2020 by taking control of your business spending!