Every company, no matter the size, can reduce costs somewhere. There’s always room to improve! It’s about time you cast a critical eye over your operation and identified areas you can slash those outgoings. Take a look at these ten ideas to give yourself some inspiration!
1. Focus on Telecommuting
If you encourage your employees to work from home a number of days each week, you can save office space costs. Say goodbye to heavy electricity, water and broadband bills. Say goodbye to buying all that food and coffee. Mainly coffee.
From energy audits to telecom audits, you have to make sure you’re using the right amounts of each utility. You also have to make sure you’re being billed correctly; you could be overpaying without realizing!
3. Pay Invoices on Time
Depending on the terms of the contract with your client, a late invoice may result in additional fees. There could also be fees that you incite when dealing with employees, too. Additionally, if you’ve set the invoice to go out on a certain day (using a scheduling service) and you cancel, you can be charged.
4. Cut Business Trips
Or, cut any trips that won’t generate revenue, like certain conferences and expos. This goes for you, and your employees. If it’s not needed, don’t bother! You’ll make your business better, and more productive.
5. Second-Hand Furniture/Appliances
Office chairs, desks, printers, laptops, monitors and even TVs all cost money. A lot of money. So, reduce this cost by buying second-hand goods. You’ll save a lot of money, and more often than not, the kit is in fine working order.
6. Hire an Accountant
As a business owner, you should really have one already, but if you don’t then it’s time. An accountant can professionally prepare your books, and can identify areas you can cut down. They’ll also be able to handle your tax return, and could get you a nice little deduction.
7. Switch Providers
Switching energy or utility providers can give you big savings. If you’re stuck with the same one for years, you could be missing out on deals elsewhere. Have a shop around and see if you can grab a better offer.
8. Keep your Receipts
Even if you don’t think it’ll be tax deductible, it might be. Best to keep hold of it just in case. Or, have your accountant file all your receipts for you. They could come in handy.
9. Take Advantage of Free Marketing
Everybody sends emails, right? Why not include a signature at the end of all your emails? You can include links to your site and social media pages. If you would be sending the email anyway, then this is free marketing. Be on the lookout for other tricks like this, too.
10. Use both Sides of Paper
Has it really come down to this? Yes, yes it has. If you use both sides of the paper, you can reduce the amount of time and money you spend buying new sheets in. Of course, if the job demands a clean sheet both ways, then don’t bother.
Were any of these tips helpful to you? Thanks for reading!