From Tariffs to the acceleration in green initiatives, the global markets are preparing for a busy 2025.
CEOs will have a lot of important calls to make this year, and while there will be key decisions that will have a huge impact, the seemingly smaller choices will also make a meaningful difference.
With that in mind, there are some changes that would be best made early on in the year, allowing for trimmed down costs and streamlined strategies going into the new financial year come March.
These are some of the changes that will cut down operating costs - and while opting for the change or not will depend on factors unique to your business - they are worth keeping high on the priority list going into the new year.
Unnecessary office space
Businesses at every scale should look carefully at their model in regards to in-person, hybrid and remote work.
The infrastructure for hybrid and remote work has improved greatly since the Covid19 lockdowns.
With that in mind, a UK business that has a London, Manchester and Edinburgh office may be able to make significant savings in closing down one, or even two offices.
If operating on a hybrid model that has a weekly contact day, then you could likely move to a remote model for some employees without impacting productivity.
Or, if you need an in-person workspace, savings can be made by moving from a costly dedicated office to a more cost-effective coworking space.
Review business utilities
Business owners may not realise just how quickly utilities can add up - and how much can be saved through careful review.
To use water as an example, in the UK the business water market is deregulated (unlike the domestic market).
There are significant savings that can be made through independent retailers who can work across wholesalers to get you a sector specific rate.
Reviewing utilities regularly is especially important in sectors like agriculture and construction, where a specialist electrical supply might be needed, and waste requires specific treatments.
Have a look at how many utility bill validation services are out there, and you will see just how common overcharging can be in the B2B utility space.
Permanent staff
If you run an engineering operation and carry out highly specialised long term projects, it’s worth considering whether you need the same structure as other businesses in your space.
For example, you would save a lot by keeping a highly skilled freelance bid writer on retainer.
While they may cost more per hour, you can save with relatively low retainer costs and focus assets on business-critical operations.
While it’s not recommended to go to Fiverr or Upwork for a skilled role, there will likely be highly rated freelancers within your network.
Consider this when looking at your 2025 recruitment plan.
Marketing red tape
If you have a CMO or marketing manager, give them full autonomy this year.
Check in every now and then, but do not have marketing deliverables hinged on your final signoff.
As you will well-know, work can pile up quickly which leads to delays in approval, causing a bottleneck.
This isn’t always possible in regulated spaces, and it can be hard to fully offload something as nebulous as brand vision, but slightly off the mark marketing is better than no marketing.
Redundant tools and software
If there is a must-have software you will know about it, because other executives will be talking about it.
From HR software to CRM, it may be worth auditing what you have and if it is working for you as you had hoped.
You may find that one of your skilled employees can do a better job of people and customer management with a spreadsheet.
The sales emails can be enticing, but many businesses are now suffering from lots of tools and software that has too much crossover.
By reviewing these 5 money saving options, you could find yourself freeing up precious capital to invest in other areas of the business, making for a much more prosperous and profitable 2025.
