In today's challenging financial climate, businesses of all sizes are struggling to cover essential expenses such as energy bills, fuel costs, and raw material prices. However, there are steps you can take to protect your profit margin. We asked Ali McKeand, Chief Technologist - Innovation at CAE Technology Services for a practical list of effective business cost-saving ideas to help you navigate these difficult times and ensure more prosperous days for your enterprise.
One key area to consider is your IT network's energy consumption. Energy is a significant cost for SMEs, and since your IT network is always on, it can contribute to substantial expenses. To address this business challenge, CAE Labs has developed WiserWatts, an intelligent energy-saving solution specifically designed to remove energy waste when running your Cisco IT network.
By utilising WiserWatts and turning off your network when not needed, you can achieve significant cost savings of up to 60% on your network services energy bill without compromising availability when needed. It's a simple yet effective way to reduce your business running costs.
With intelligent energy savings from WiserWatts, one CAE customer made immediate cost savings across 70 locations each month.
- 52% Reduction - in carbon emission waste and energy costs.
- £2,030 Saved - £170K+ estimated within the 7-year lifecycle.
- 1.25 tonnes CO2e Carbon Emissions.
Another valuable approach is taking advantage of business green grants and relief schemes. These programs not only provide financial assistance but also promote a sustainable, energy-saving approach. For instance, the low-carbon workspace grant in Southern England matches your spending on energy-efficient projects, helping you reduce future running costs.
To tackle high energy expenses, consider the government-run Energy Bills Discount Scheme, which offers reduced rates on gas and electricity for businesses and non-domestic customers. Additionally, don't overlook the potential benefits of HMRC R&D tax relief. Engaging a specialist tax advisor can ensure efficient accounting practices and identify further savings.
Pooling resources is another impactful strategy. Major purchases like office equipment and company cars can be significant outgoings. By collaborating with different departments and unifying spending on these purchases, you can buy in bulk, saving money in the process. Alternatively, consider shared office spaces with other businesses to reduce rent and utility costs.
Embracing remote working and teleconferencing technology is also crucial in today's digital age. While face-to-face meetings have their merits, many interactions can be just as effective when conducted virtually. Carefully evaluate which business trips are truly essential and opt for virtual meetings whenever possible. This approach not only reduces costs but also saves valuable time that would otherwise be spent on the road.
Moreover, leveraging technology for online meetings can enable remote working, allowing you to downsize office space and further cut business running costs. By routinely allowing staff to work from home, you can make significant savings on utilities and rent.
To kickstart your journey towards cost savings, consider implementing WiserWatts from CAE Labs if you're a Cisco customer. This intelligent energy-saving solution can significantly and rapidly reduce your energy costs overnight.
By adopting these strategies and exploring various cost-saving opportunities, you can protect your profit margin and ensure the financial stability of your business in these challenging times.
Get started with WiserWatts and cut your business running costs instantly
If you’re a Cisco customer, the experts at CAE Labs can help you to significantly reduce your energy costs overnight. Find out more about intelligent energy saving with WiserWatts.