Of Course. A business thrives as long as it can be run efficiently, and the way to do that is to trim costs and expenses as much as possible. It need not be the bigger expense items that you have to trim down on. Cutting costs even on the little expenses, like postage meter ink or photocopier toner, can pile up and save you in the long run. Here are some ways you can cut costs in your business:
Lower utility bills, save on office space rentals, and on office furniture by designating a specific percentage of your employees that can telecommute. Make it available for specific jobs or positions where close supervision is not essential and whose performance can be evaluated by the results. Telecommuting can be advantageous to the employee as it lowers transportation expenses, lessens wasted time going to and from work, and promotes efficiency.
Instead of purchasing office furniture and appliances, lease from a provider. There are fully-furnished office spaces available for a fixed monthly lease. These offices come with desks, chairs, conference rooms, computers, printers, and photocopiers. All you need are the employees and you’re set. By doing this, you minimize the capital expenditures and distributes the cost on a monthly period instead of spending a big amount at the start of the business. Office appliances such as computers, printers, and photocopiers can also be available for lease, with only the consumables that you have to purchase separately. By leasing equipment, you don’t have the burden to replace them once they break down outside warranty, due to ordinary wear and tear. You only have to pay monthly rent which can be a fraction of the price of buying a new one.
Wholesale and long term
Buy wholesale. If you have items of expense that can be bought in bulk and stored without sacrificing quality, then this might be prime candidate for wholesale purchase. By buying in bulk, you can better negotiate with the provider for lower rates. If the item is an essential item for the business, you can negotiate for lower rates by coming into an agreement for a much longer term than the competitors. Most providers would like to protect their business and will agree with lower rates to ensure future business.
Save on paper and ink costs by going paperless. Internal communications can be done through electronic messaging via chats on the internal messaging system, or through emails. Paper documents can be limited to official documents such as contracts, memorandums, and official notices. Printer ink and toner is one of the highest and most frequent expense items when it comes to office supplies.
Going green can be more cost-efficient in the long term, even though it might entail higher costs at the onset. By utilizing energy-efficient equipment and environmentally friendly supplies, it can impact the costs of the business in the long run. This includes utilizing LED lights for lighting needs, energy efficient office equipment, and even recycled office supplies such as papers and cartons.