Finance Coach - Vol. 11

Finance tip: Utilities

Manage your air conditioner usage. Having been through an extremely hot patch of weather recently, I was reminded how many people rely on air conditioning to keep their homes and offices bearable. Air-cons are one of the biggest users of electricity, and can make a huge impact on your energy bills. To keep your costs down, make sure that the air-con unit doesn’t have to work harder than it needs to. If you have the unit on, keep windows closed (otherwise the air-con has to work harder to maintain a constant temperature in a fluctuating environment). Also be aware of doors being left open unnecessarily, as the cooled air can escape (and hot air enter) if they are left even slightly ajar. Also ask yourself whether you really need it set to freezing, or whether a slightly cooler temperature will suffice – the cooler the temperature it’s set to maintain, the more energy the unit uses.

Business tip: Organisational dynamics

Office planning. If you hold a management or executive position, and work in an environment where you have your own office, the way you utilise your office space can impact on your effectiveness. Firstly, have your door open as much as possible. This promotes an improved flow of communication and will improve the relationship you have with your staff as, even if they don’t make use of the opportunity, they will feel that you are more approachable, and will feel more at ease about coming to you with new ideas. Secondly, if you are having a meeting where you need the upper hand (for example, where negotiating with a supplier to reduce their prices), make sure that the other person will be sitting with their back to the door. The person facing the door has the stronger position in the room as, psychologically, the one with their back to the door will feel more exposed, and this will weaken their resolve.