One of those overlooked expenses is dedicated parking spaces, reimbursing parking costs, or simply supporting those who commute by car; these costs can quickly add up and be very expensive for a business.
Encourage Pre-Booked Parking
Parking can be very expensive. One way to help reduce these costs is to encourage employees to book their parking in advance. If that seems too much to ask, then consider booking this yourself just to ensure it is completed nice and early.
There are plenty of car parks that offer a discount when you book early, especially if you are booking in the city centre. If you have employees who visit clients or attend meetings throughout the week, planning far in advance will help to keep the travel budget low.
Negotiate Corporate Parking Rates
A business that has a lot of people parking in the same area can be quite beneficial. This is because you can negotiate with the parking provider to get a better deal. At the end of the day, you are giving them constant business, so they will want to reward you for that. Plus, there are many car parks located in the city centre, which is why they will be willing to negotiate with you.
Review Hybrid Working Policies
The rise of hybrid working has naturally reduced commuting costs for most businesses. Many businesses have started offering 2 to 3 days to their employees to work from home, which means that you can reduce commuting costs for several employees.
Not only this, but if you have an office in the city centre and you know your employees are working from home. You can start to rent out the office desks to other people in the city, just to make a bit of money.
Promote Car Sharing
Something else that is worth considering is encouraging your employees to car share. This might not work as much for those who are driving to and from work; however, if your team members are going to a meeting that is outside the city centre, then it is important.
Furthermore, if only one car is used, all you need to do is pay for the fuel and the parking for one vehicle.
Not only will this help to reduce the costs for fuel and parking, but it will also contribute to the company’s sustainability goals as it reduces your environmental impact.
Choose Cost-Effective Parking Locations
Something else that is worth considering is convenience. We all know that you often have to pay the price for convenience, and this includes parking. Parking outside the office building can be more expensive, despite it being the easier option. Instead, look for nearby car parking alternatives to find more affordable parking.
Canary Wharf parking in London, for example, can be very expensive because it is near all of the offices, and therefore, the parking companies know it needs to be filled. However, if you head over across the river to the Isle of Dogs, you will find more affordable parking there.
Summary
There is no doubt that employee parking is a small business expense; however, when you have a large workforce, it can become expensive. You must encourage bookings, negotiate corporate discounts, promote hybrid working, and encourage car sharing to help reduce those parking costs.
Being proactive with parking management will help to reduce costs and make it easier to understand when it comes to financial planning for the quarter/year. Businesses will always look to reduce their yearly expenses, and parking is a great place to do this.
Image Credit: employee parking expenses by envato.com
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