How can you reduce your business costs in 2023?
The coronavirus pandemic has had a major economic impact around the world, and the energy crisis has only made matters worse. The recession is now a reality for many companies. To survive in 2023, many companies will have no choice but to cut costs significantly. If you are one of these companies, don't panic, we have many possible solutions!
In France, as well as around the world, companies in all sectors need to save money without jeopardizing their business and their teams. The challenge is daunting, but there are many solutions on the market to reduce your company's costs/expenses.
There are many ways for businesses to reduce expenses, and here are our tips to help you save money quickly without impacting your payroll.
21 solutions that are making a difference
Sharing and circular economy
In 2023, sharing and the circular economy are becoming key strategies for businesses. Sharing is about pooling resources and goods so that everyone can access them. The circular economy, on the other hand, aims to reduce waste and maximize the use of existing resources. Already popular in the personal sphere, sharing and the circular economy are coming to the corporate world in full force. These are important elements to be able to adapt budgets already impacted by the climate of economic uncertainty.
Share your offices
Office rental is a significant part of business expenses. On average, companies spend about 10% of their overall expenses on their office.
In just a few years, the world of work has completely changed and hybrid work has clearly become a norm. According to experts, this way of working will continue and even increase in the years to come. In this context, it makes sense for companies to reduce their total office space and consider alternative solutions such as subletting or office sharing. These options offer several benefits to small and medium-sized businesses, including reduced real estate costs, increased flexibility and improved collaboration.
1 | Fiveoffices
Fiveoffices allows you to share your offices with other companies by subletting them. No need for a long-term commitment, no more 3-6-9, and you pay only for the space you really need. While this option offers you great flexibility, it is also the option that will offer you the most reasonably priced offices on the market!
Rent your furniture or buy it second hand
Furniture is an important part of an office's design. It can be purchased new, used, or even rented. Depending on your budget and the maturity of your company, you can choose the option that suits you best. Both renting and second-hand furniture have clear cost advantages. They allow you to acquire quality furniture at a reduced price, but also to have the possibility of committing yourself for a short period of time.
2 | Bluedigo
Bluedigo offers a wide selection of refurbished office furniture, including chairs, tables, cabinets and more.
3 | Be My Desk
Be My Desk offers you the possibility to rent your office furniture with an option to buy (lease with the option to buy or regular leasing). This allows you to benefit from a long-term savings plan, according to your needs and your budget. You can spread out your payment and benefit from a reduction on the final purchase price.
Rent your computer equipment or buy it second hand
There are several ways to save money on your company's computer equipment. You can either lease it or buy refurbished. The advantages of leasing are that it's usually cheaper than buying, and you don't have to worry about maintaining or repairing the equipment. However, you will have to renew your lease every year, which can be expensive in the long run. Refurbishing is another option that can be less expensive than buying new equipment, and you can also save money by doing the maintenance and repairs yourself.
4 | Back Market
Back Market is the first marketplace dedicated to refurbished products that allows consumers to have access to thousands of electronic products refurbished by controlled professionals. The products are tested and certified according to European standards, which guarantees their quality and reliability. Back Market offers an affordable alternative to new products, while allowing consumers to contribute to the protection of the environment.
5 | Fleet
Managing computers and phones can be costly and complex, especially for small and medium-sized businesses. Fortunately, there is a turnkey solution that can simplify the management of your computer and phone fleet: Fleet.
Fleet is a digital device management platform that allows companies to efficiently track and manage their equipment. With a Fleet subscription, you have access to a wide selection of computers and cell phones that are relevant to your business. You can then manage your devices via the web interface or the mobile application, track their consumption and performance, perform remote updates, etc.
6 | Mobile.club
Companies that need cell phones for their employees can take advantage of low rates by renting them rather than buying them with mobile.club. Indeed, the costs of acquiring a cell phone are often much higher than those related to its renting. In addition, with mobile.club, you have the possibility of choosing the model and the brand of cell phone which you want.
Reduce your bills by negotiating with or substituting your current suppliers
With bills constantly rising and service becoming less and less efficient, there is nothing to stop you from discussing your terms with your current suppliers (electricity, gas, internet...). If this may seem silly to you, the simple fact of talking with your current suppliers can really make you save money. Since an existing customer costs them less to convert than a new one, they will not hesitate to make an effort to keep you and thus build loyalty.
The other option is to simply switch providers, which may take a little longer as you need to find the right one and make sure they will be able to meet your needs.
7 | Capterra
Finding a new software provider can be a daunting task, but Capterra makes the search much easier. Capterra is an online platform that allows businesses to find the right software for their specific needs. The best part is the user reviews available for the different software.
8 | TousLesForfaits
To find the best mobile package, you have to compare the different offers available. You also have to take into account your own needs in terms of data, SMS and calls consumption. TousLesForfaits helps you to find and choose the best offer of the moment!
Work with freelancers for occasional needs
Companies need to be flexible and frugal, especially in these tough times. Fortunately, there are plenty of freelancers available to meet the occasional needs of businesses. These freelance professionals are perfect for short-term or specialized tasks. You can work with freelancers from different fields, such as marketing, graphic design, programming and more. In addition, you will have access to a large pool of talent and can choose the most qualified professional for the job at hand.
9 | UpworkUpwork, formerly oDesk, is a platform for freelancers looking for new assignments. Companies can use Upwork to hire freelancers when they really need them.
10 | Fiverr
With millions of active gigs, Fiverr caters to entrepreneurs looking for low-cost services to grow their business. Whether you need help with logo design, website creation, or just writing content, there's a freelancer on Fiverr to meet your needs.
11 | Toptal
Toptal's freelancers are among the best in their field and have solid experience in different areas. So you can be sure that you are hiring someone who will do a good job and is qualified to do it. Plus, with Toptal, you can be sure that the freelancers you hire will meet deadlines and be fully available for the job.
Find free/low-cost software providers for everything from CRM to e-commerce
For many businesses, it's important to cut costs and invest in software that saves them money. Fortunately, there are many free or low-cost software providers that offer comprehensive CRM and e-commerce functionality.
12 | Google Workspace
One of the best ways for businesses to save money is to use the Google suite. Google Workspace is an online software suite that offers businesses access to powerful tools and advanced features, such as Gmail, Drive, Calendar and Meets. In addition to being extremely convenient, these tools are also very affordable: the Google Workspace Business package costs only €5.20 per user per month. On top of that, this software suite is easy to use and set up, which means you can start saving money right away.
13 | Sendinblue
Among the free email marketing tools, the free version of sendinblue is very effective. It allows companies to send campaigns to several recipients at the same time and to obtain precise statistics on the opening and clicking of emails. In addition, it offers a number of advanced features, such as the creation of a subscription form or the personalization of email campaigns.
14 | Talkwalker Alerts
Social media is a great way for businesses to connect with their customers. However, it can also be a source of stress and frustration if you don't know how to monitor what's going on. Fortunately, there are free tools like Talkwalker Alerts that allow you to track what's going on on social media and react quickly if something goes wrong.
15 | e-monsite
A few years ago, creating a free website was almost impossible. Today, thanks to platforms like e-monsite, it is possible to create a professional website in a few clicks.
This can be a very good alternative for new companies, who have to move fast and especially who do not know what tomorrow will be made of.
16 | Prestashop
There are many ways for businesses to get into open-source e-commerce. Among the most popular is PrestaShop. Launched in 2007, PrestaShop is now used by over 250,000 online stores in 175 different countries.
PrestaShop is a complete open-source solution that allows merchants to easily create and manage their online store. The platform offers a multitude of advanced features to help merchants grow their business, while allowing them to keep full control of their site.
Switch to hybrid work to reduce your costs
Hybrid working is definitely a good way to save you money. With some or all of your staff at home on certain days of the week, it is actually possible to save a lot of money by leveraging your unoccupied offices. Simply sublet all or part of your offices. You can then gain flexibility while creating a new source of revenue.
1+ | Fiveoffices (encore)
Fiveoffices offers an exclusive solution on the market, because thanks to its technology, it is now possible to rent/sublet offices for only a few days a week. You then have private offices, at a reasonable price and most importantly you only pay for what you really need. This option will allow you to save up to 60% of your rental fees without reducing your office space!
Save significantly on your 2023 budget by subletting your offices with Fiveoffices.
Find tools that allow you to better manage your admin
Admin is a critical activity for any company that wants to reduce costs and improve profitability. Unfortunately, many companies do not spend enough time and effort on this activity and end up spending a lot of money unnecessarily.
Fortunately, there are many tools that can help entrepreneurs manage their finances more effectively.
17 | Assurup
Businesses need professional insurance to cover the risks associated with their activity. These insurances can be very expensive, but with Assurup, you can find the right insurance for your needs at the best price.Assurup is an online platform that allows businesses to compare insurance offers from different companies and choose the best option for them. The process is quick and easy: just fill out an online form with some information about your business, and then Assurup will provide you with a list of quotes tailored to your needs. You can then compare the different offers and select the one that suits you best.
18 | Revolut
Businesses need to know where their money is going. That's why there's Revolut for Business - a platform that allows you to oversee all company expenses in a single interface. You can add as many bank accounts as you like and assign spending limits to each member of your team. Plus, you can analyze your expenses in real time so you can find ways to save money.
Take care of your employees to retain them. It is more expensive to replace an employee than to keep them!
Employee retention is crucial to the longevity of your business. Indeed, it is much more expensive to recruit and train a new employee than to keep the one you already have. So take the time to invest in the health and well-being of your employees! Your company will benefit in the long run. A close relationship with employees will promote productivity and a sense of belonging to the company!
19 | Lattice
Digital tools are becoming increasingly popular in businesses. They can help improve employee engagement and retention. Digital tools can help employees feel more engaged in their work. They can also make work more interesting and allow employees to better connect with others.
20 | Supermood
Companies need to focus on the right metrics to save money. Supermood, an all-in-one platform dedicated to employee listening, allows them to easily collect and analyze psychosocial data.
Supermood allows you to improve well-being, productivity and ultimately, ROI.
21 | Worklife
There are many options for companies to reduce expenses to save money. One of the best ways to cut costs is to use tools like Worklife that offer meal vouchers, home care services, car benefits, sustainable commutes and remote work allowances. These tools allow companies to reduce expenses by providing their employees with a range of convenient and useful services.
Savings in 2023 are possible
We hope these tips will help you save money in 2023. If you implement the right strategies, you will be able to reduce your energy and raw material consumption, which will have a positive impact on your bottom line. In addition, by trying new technologies and adopting better business practices, you will be able to increase your productivity and improve your bottom line. With a few words and a little organization, you can definitely support your company's growth while saving money.
Meet our highly driven and versatile Marketing/Technology manager, whose experience includes B2B digital marketing and B2C product marketing, as well as internal digital transformation and certification in full-stack web development. A citizen of both Canada and Ireland, she has lived in China, the USA, and now Luxembourg. Aisling enjoys cultural experiences and learning new things to love about the people who make up our vast global community.