No matter how big or how small, every business could always stand to cut back costs and save some money. Consider these five ways for your business to save money and reduce expenditures. Some of them are easier than you think.
This one should be a no-brainer. Most people, including both your clients and employees, have access to a computer or mobile device and feel more comfortable using digital services instead of receiving mail or having to keep track of piles of documents. Going the paperless route will save you a fortune on printing costs, filing services, labor, and more. You’ll need less space in your office, too.
Consumers like the idea of green business, so you’ll definitely get a PR boost as well since you’re not longer contributing to the 4.5 million tons of paper thrown away each year.
Bring Your Own Device
It used to be standard practice for businesses to supply their employees with cell phones and PDAs and similar mobile devices to help keep everyone in touch. That’s not the case, anymore. Many businesses are saving money by having employees simply bring in their own devices.
This way, a company won’t have to buy devices or manage data plans while employees travel and communicate. Plus, employees feel more comfortable using equipment they’re already familiar with. Initiating a bring your own device training session will help get a BYOD initiative started and positive change set in motion.
Manage Your Inventory
Taking stock of your inventory is one of the least exciting things in managing a business, but could really make the difference in your checkbook at the end of a year. Always keep note of what you have sitting around unsold in your offices and warehouses.
After all, any unsold products are a financial liability. It’s like money sitting right under your nose that you can’t touch. Make sure your inventory management is streamlined and efficient. Carefully managing your inventory will help you see a five percent profit increase in just one year.
Spend Less on Furniture
Many businesses that are either relocating, closing, or simply upgrading their existing furniture tend to sell their old equipment for a fraction of their purchase price (sometimes as low as ten cents on the dollar). Renting is also an option if you need a cheap, temporary solution.
Reduce Travel Expenses
If might feel professional and glamorous to travel around the world as the jet-set businessman or woman, but travel-related expenses are some of the worst for a business. They add up quickly and don’t give you any sort of tangible return on investment.
Consider cutting back trips that don’t generate profit such as meetings or conferences, and opt to telecommute using services like Skype whenever possible. Booking first class and five-star hotels is unnecessary, too.
You’d be surprised at how simple, small changes like these can boost your company’s profits and lower expenses over time.