With the economy struggling due to the coronavirus pandemic, every hostel owner is looking for ways to maximise profits, cut costs and improve efficiency.
Well, the good news is that there are many creative cost-saving ideas that hostel owners could use to maximise profits in today’s tough economy. So, Let’s not waste time and take a look at these easy tips for cutting costs without compromising on quality:
Going green is not just a cost-saving initiative but it also helps in saving the environment.
One of the best cost-saving ideas for hostel owners is to reduce the electricity bills. Here’s how to reduce electricity costs by going green:
- Swap your normal incandescent bulbs with LED bulbs if you haven’t already. Why? Because LED bulbs are more cost-saving and efficient.
- Time to “bye” to the old appliances and “Hi” to certified energy star appliances. This will eventually reduce the electricity bill.
- Schooling time! Educate your staff about energy saving can really help in saving money.
Breaking news: This is not the 90s!
Do you know that you can cut printing costs, storage costs, registers’ costs and improve efficiency by running a paperless office, right?
Why waste money on paper when you can use digital platforms like EazyPG to record all hostel related details, track and share information and save your business money and time?
Don’t shy away from hiring inexperienced staff
You must be thinking we are crazy, right? But we are not.
You should look for the right personality in people while hiring because everything else can be taught later. So instead of hiring experienced staff with a dull personality, you should hire inexperienced staff with a shining personality which you can train up quickly. It will be cost-saving and the quality of your services will not be compromised.
Start Monitoring Food Waste
“Today’s wastage is tomorrow’s shortage.”
If there is a mess in your hostel, then there are strong chances of food wastage. It can eat away your budget. But do you know how you can save a lot of money? We’ll tell you: By monitoring the food waste.
Easy ways to reduce your food waste is by not overbuying, storing food correctly, saving leftovers, not cluttering the fridge, etc.
Negotiate with Vendors
There is no harm in asking for a discount!
It’s reasonable to ask for a better deal if you have been using the same supplier for years. In most cases, you’d receive a good discount because it is ideal for suppliers to offer loyal customers a good discount rather than searching for a new customer. Think about it. Why would they want to lose someone they are receiving the same consistent payment from?
But if they are not ready to negotiate, then you always have the option to look for better vendors who offer you the best quote in terms of quality and cost both.
In the current economic scenario, it’s essential to do everything you can to save money. Start by putting a cost-savings plan in place for your hostel and then take necessary action. I hope our cost-saving tips help you in saving money.