Experts reveal how businesses can save money during cost-of-living crisis

With businesses across the country feeling the pressure of the cost of living crisis, many owners and managers are now looking for ways to save money on day-to-day activities, as well as making more considered purchases for items that will retain their value.

With over 12,100 online searches for ‘how to save money’ and a 18,938% year on year increase in searches around ‘cost of living crisis’, online auction specialist BPI Auctions have collated the top items to invest in or to sell to save you money during the impending recession.

Power tools
If you have excess tools or DIY equipment taking up storage in a warehouse, now is the time to think about selling items that are taking up space. Searches around ‘power tools’ are up 34% compared to the previous year, and with over 14,800 monthly searches there most definitely is an appetite for the items.

If you are looking for a key piece of machinery or need to expand your team’s collection or top up your business equipment, second hand equipment is a great alternative to buying new items - many items available online are like new or refurbished and buying second hand can save on average 50% on the recommended retail price.

Office tech
If you’ve recently updated your team’s tech offering, upgraded work mobile phones or have an excess of spare monitors that were purchased to enhance your employees’ at home set up during the pandemic - now is the time to think about streamlining your IT equipment. With the festive season fast approaching, consumer demand for technology is higher than ever and items such as laptops and phones are always popular gifts.

Alternatively, if you have new starters joining the business and need to provide them with the necessary equipment ahead of their first day, second hand and refurbished equipment are often a fraction of the cost compared to brand new, and work just as well.

Gym equipment
Gym and workout equipment saw a huge spike in sales during lockdown, with regular gym goers choosing to create makeshift gyms in garages while classes were cancelled and gyms were closed. With monthly searches increasing by 23% for ‘gym equipment for sale’ and a 19% increase for ‘home treadmill’ it seems that the trend for at home workouts is set to continue.

With the average gym membership costing around £40 a month, and many businesses giving employees discounts or subsided memberships as part of their office perks, one option to reduce the monthly outgoings for the business is to give employees a one off payment to cover the upfront cost of buying used and second hand equipment to create an at-home gym - more often than not this will be substantially cheaper than the monthly cost.

Business vehicles
Reducing the number of company cars and vans within the organisation is a great way to increase cash and reduce outgoings, especially if your workforce is predominantly working from home. Downsizing your fleet will not only encourage employees to be more mindful when travelling and encourage them to carshare or hold virtual meetings where possible, but long term will save you substantial outgoings covering the cost of petrol and diesel. For organisations that rely on peripatetic workers, it could be worth considering upgrading your fleet to electric or hybrid vehicles.

Henry Spencer, chief operating officer at BPI Auctions, summarises: “We know that the next few months will be a difficult time for many, with households and businesses across the UK feeling the impact of rising interest rates and a higher cost of living.

“Whether you are looking to generate cash from stock you own, or want to find a bargain for your upcoming purchases, buying and selling second hand items can be very lucrative”.