As a business owner, you’re always looking for ways you can reduce your company’s expenses. While you may think that you’ll have to make wide, sweeping changes to your business, the good news is there are simple and easy ways you can slash expenses. If you’re looking to cut expenses and save money, consider the following cash-saving tips.
Cut Down on Paper
The average office worker in the United States uses over 10,000 sheets of paper every year, which works out to about two cases of paper for each employee. If the average price of a case of standard copy paper is $40, that means every employee costs the company $80 a year on paper alone. Multiply $80 by the number of people who work for you, and you see how this expense can add up quickly.
By making simple changes like using electronic file storage, not printing handouts for meetings, and switching to default two-sided printing, you can cut the amount of paper your company uses and save money.
Reduce Your Debt
Another way to successfully cut costs is to reduce the debt your business owes. Your first priority lies in high-interest-rate debt. This usually means paying down credit cards first. Contact your creditors and ask if they’re open to renegotiating your payment terms. Finally, make all of your payments on time so you’re not wasting money on unnecessary finance charges and late fees.
Buy in Bulk
You may already buy most of your office and cleaning supplies in bulk to save money, but there are other items you should consider buying in bulk. Many software companies actually sell software subscriptions in bulk to help their customers save money.
Also consider services you purchase, such as web design, accounting, or advertising, and ask if those service providers offer a discount for buying quarterly or annual packages instead of month-to-month services. Even if they don’t offer it, ask for it. These arrangements help service providers as well because they get their money right away.
Streamline Telecommunication Services
Every business has a large variety of telecommunication needs, and if you feel like your system needs more organization so it’s streamlined and efficient, a company like Asentinel can help. They assist you in integrating services, automating processes, optimizing your spending, and improving visibility, all so your business can control expenses.
Consider Onshore Manufacturing
A recent study showed that offshore manufacturing companies will likely increase average wages by 15 to 20 percent, and by 2017 will reach wage parity with the United States. With a growing interest in purchasing goods made in the United States, and with not having to deal with large time zone differences and growing freight costs, you may find that onshoring your manufacturing could cost the same or even less than offshoring.
From cutting down on paper to reducing debt, if you’re looking for easy ways to slash your company’s expenses then take advantage of these cost reductions and enjoy the savings your business will see.