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How to cut business costs

No matter how established a business is, regularly looking for ways to cut and control costs and eliminate unnecessary expenditure is good business practice. In uncertain times, and when faced with an uncertain economy, every penny truly does count and even successful businesses should re-evaluate how they can cut costs.

1. Look for ways to be environmentally friendly

While swapping your bulbs for LEDs and installing solar panels may seem like unnecessary business expenses, in the long-term, they can help your business to save a significant amount of money. You can also encourage your employees to make better eco choices, such as switching off their computers rather than leaving them on stand-by and opting for digital documents rather than using paper. Buying reusable mugs and cups for your workplace is much more cost-effective and environmentally friendly than constantly buying single-use supplies. In a post-covid workplace, we recommend ensuring each member of staff has their own supplies to ensure the safety and health of your team.

2. Negotiate supply expenses

It never hurts to try and negotiate a lower price with supply vendors to see if you could get a better deal. If you have been with a vendor for the long-term, you can ask them to reward your loyalty and retain your custom by offering you a lower, more affordable price. If they are unable to do this, shop around for another vendor, you may be surprised at the savings you could make by switching to another supplier or company.

3. Reduce overheads

Do you really need an office? Since lockdown measures were put into place due to the global pandemic, many businesses are re-evaluating having a physical presence at all. It’s clear employees are adapting and thriving in a remote working environment and surveys show that by continuing to give your employees the choice to work from home, you will not only have a safer, happier team, but can significantly reduce your overhead costs by moving into a smaller office space or none at all. If you choose to have a smaller office space with fewer employees working physically in the office, this will also help you to lower your energy bills and keep employee expenses low.

4. Control expenditure

If you’re looking for an easy and efficient way to control employee expenditure, you may wish to consider B4B Payments. Having spent the last 14 years developing a robust prepaid card solutions that allows businesses to view and control their employee expenditure in real-time, ensures your organisation has total control and transparency over their employee expenses.

5. Reduce travel

Encourage all meetings to take place via video call or conference call, rather than allowing employees to travel frequently. This not only saves a company transport costs, but it also reduces the time employees spend and waste travelling from location to location. If it is essential departments or employees meet in person, use to ensure tracking your employees’ transport expenses is easy and you can factor this expense into your monthly or quarterly budget.

To learn more about the prepaid business card solutions that can help businesses of all sizes cut costs, contact B4B Payments today. From payroll to employee expenses and employee incentive management, we can help you manage your finances in one, convenient platform. Get in touch today to learn more about our effective solutions.

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Dos and don’ts of sports payments

As COVID-19 lockdown restrictions begin to ease around the world, many sports fans and athletes are rejoicing as sports games and tournaments are preparing to resume once again. If you’ve recently been put in charge of the sports payments for a travelling sports team, ensure you follow our guidance below…

DO elect a team treasurer

If you are unfamiliar with managing a travelling sports team or have never handled sports payments before, you may be tempted to split the financial responsibilities of your sports team. This, however, will only lead to confusion and make your finances difficult to manage and organise. Instead, elect one treasurer and find a simplified financial system, such as a prepaid payment solution, that will unify your financial expenditure.

DON’T use cash

Whether you manage a small grassroots sports team or an international team of athletes, you should avoid travelling and paying for services with cash where possible. When you travel with cash, you make yourself incredibly vulnerable to theft and put yourself at risk of fraud. With cash, it is almost impossible to track your team’s spending and can be very time consuming to manage and distribute.

In light of recent global events, avoiding the use of cash where possible is essential. Many businesses will only now accept contactless card payments due to the social distancing measures put in place due to COVID-19. Cashless card payments will help to reduce the spread of the virus and help safeguard your sports team and employees from putting themselves at risk of infection.

DO stick to your budget

To ensure you don’t overspend and harm the financial position of your sports team, it is essential you create a precise budget and stick to it. Pre-paid cashless payment cards will ensure your sports team do not go over budget as they will have a specific amount allocated to their card. It will also be easier to track where you have been overspending due to their digital spend visibility.

B4B Payments, voted the Best Prepaid Product of the Year in 2019, offers payment solutions without regional limitations, as they are Mastercard® approved, ensuring your team can travel with ease without having to change payment type frequently.

DON’T mix funds

If you manage multiple sports teams it may be tempting for you to only open one bank account and blend all of your funds and expenses. It is essential, however, that each sports team you manage has a separate bank account and you do not use your personal account to keep any of your sports team expenses.

DO create a payment plan

As sports games begin to take place once again, it is essential you keep your team safe and your finances organised. This is why before hosting or attending a sports event you should contact B4BPayments, to order your prepaid business cards. All prepaid cards are managed with a robust, flexible, and easy to use digital platform and mobile app.

To learn more about how sports events and other organisations are benefitting from contactless payment solutions read our customer stories.