Business expenses have a way of piling up, and with inflation ever-increasing – before you know it, you’re close to circling the proverbial drain. Even if your situation isn’t quite as dramatic as that, the potential for your expenses to pull you under should be a valid concern.
If you don’t monitor the situation, you could be in for a nasty surprise after a few months. Get ahead of those unwanted expense reports by making a few cost cuts now. Don’t be alarmed, they won’t affect your business, but they will streamline your costs.
Below are five ways to save money while still running a successful company:
- Print Less
Printing isn’t a cheap business expense. Not only does it destroy forests and the environment, but paper wasting will also have a significant impact on your finances. Keep in mind that printing isn’t just the cost of the paper – it is also the price of the toners that can be crippling for a young business.
Institute a printing rule that applies to everyone – only print what is strictly necessary. That will reduce wastage and cut costs, all without the slightest negative impact on operations.
- Settle Payments Early
Check with your suppliers if they offer an early settlement bonus to invoices. The bottom line is that you will need to spend that money anyway. You may as well do it early and get some extra cash to do more important things.
Discounts are everything in business, and you’ll also get to build a better relationship with your creditors while you are at it.
- Create Effective Staff Schedules
When managers think of cost-cutting and staff schedules, they would be forgiven for thinking that refers to laying off or reducing employee wages. It doesn’t have to be that dramatic to be effective.
If your business is a serious pickle and you need to think of dynamic ways to get back on your feet, sit down and have an open discussion with your team. Workforce scheduling doesn’t have to mean short time, it can simply mean effectively placing employees in shifts that work to their specific skill set.
- Reduce Inventory
Don’t spend thousands of dollars on massive inventories only to save a marginal amount for bulk buying, it doesn’t make sense anymore. Back in the day, it used to make financial sense because the discounts were more significant and storage costs weren’t quite as high.
Study your market and sit down with your sales team to find out just how much stock you need. Don’t spend money on an idle inventory – use the correct methods to manage your current stock and only add to it when you need to.
- Internet Marketing Methods
Print, TV, and billboard ads are all flashy and impressive, but when you’re in a bind, they can be another expense that you can’t afford. The internet and social media platforms are bursting with potential avenues for targeting your customers without spending an arm and a leg.
Spend some time creating the perfect digital marketing campaign and place the others on hold for a while – it will do your company bank balance a world of good.
