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Five Money Saving Myths Debunked

This week, Axis for Business lets you know why five office money saving myths won’t help you lift your bottom line, but will instead cost you money.

Axis for Business Provides Our Customers with Quality Service

As an energy and telecoms provider dedicated to providing our customers with quality service, Axis for Business strives to let you know how you can save money throughout your company every single day.

Which is why this week we wanted to address the idea of the office money saving myth. There are so many myths about there about how to save funds on your company’s bottom line, and the power of rumour lends them a ring of legitimacy. In actual fact, they can actually harm, rather than help your business.

These Five Office Money Saving Myths Won’t Save You Money

Out of the office money saving myths floating around, there are five that Axis for Business believes can be particularly damaging:

1)      Hiring Less People Will Save You Money: It’s understandable why so many believe this myth, but when you hire less people, you are pushing more work onto your current employees. This tends to make for an unhappy workforce, who flee your company in droves, meaning that you’ll end up paying more for employee turnover than you could possibly imagine.

2)      Incentivisation Will Cost more than it Rewards: The rewards of incentivisation far outweigh the costs. Yes, you have to dole out company funds to buy tea and coffee, to pay for an office night out etc., but you will more than make up the cost through giving your employees the will to work harder for your company.

3)      A Bad Location Will Cost You Money: For some businesses it will, but in the vast majority of cases, placing your business in a less reputable area will actually save you money, because it will cost you less to rent premises there.

4)      It’ll Cost You Too Much to Let an Employee off Sick: We can understand why business leaders would think that it costs too much to let employees off sick. You are losing their service completely for the duration of their illness. However, Axis for Business would argue that a sick employee is a distracted employee, and distracted employees make mistakes that can be costly to rectify.

5)      Cutting Corners on Equipment Will Save You Money: Whilst it’s always a good idea to buy equipment for as little money as possible, you shouldn’t buy sub-standard equipment. This is because this equipment will break down, cause problems etc. which will cost you a fortune in man hours.

You Need to Spend Money to Make Money

What Axis for Business is basically trying to tell you here, is that often in business, you have to spend money to make money. That is why you should be wary of implementing some of the most commonly held office money saving myths. Often, they don’t save you any money at all.