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Cut Your Business Costs Fast...and Painlessly
Who isn't looking for ways to save money? Fortunately, there are plenty of ways you can economize without taking drastic measures or reducing head count. Some of these strategies save just a few bucks while others can save you hundreds.
Keeping costs down isn't only a strategy to employ during a recession, though. It's always smart to keep an eye on costs. Consider implementing some or all of the following today and you'll be on your way to maintaining a good, cost-monitoring approach to your business that will work for you in good times and in bad:
Conserve Your Energy: Nobody needs to tell you that energy costs are soaring. Thankfully, these are among the easiest costs to contain. Turning off unnecessary lights, keeping heating and air conditioning at a reasonable level and extinguishing the power at the end of the working day are the most obvious cost-saving strategies. Consider, too, an investment in energy-efficient light bulbs which, though initially more costly, use two-thirds less energy than traditional bulbs and can last 10 times longer. Depending upon your particular office, you might investigate weather-stripping, caulking doors or sealing windows in order to keep out the cold and heat.
A Better Deal: Negotiate with your mobile phone provider and internet services. When times are tough, special deals may be available to stimulate greater sales. Is your local market for office space down? If so, you might be able to negotiate a lower rent.
Plan Ahead: Organize shipments to avoid costly overnight or next-day charges.
Wasted Space: Has downsizing resulted in unused office space? Consider renting the empty desk space out to an independent business person.
Is it time for a Trim???
3/5/09
Investigate Technology: Consolidate multiple printers by setting up a network that allows employees to share devices. Reduce the number of phone lines in your office by configuring office PCs to send and receive faxes. Consider VoIP (Voice-Over-Internet Protocol), which is basically phone service over the internet, a cheaper alternative to traditional phone service.
Get What You Pay For: Review all invoices to insure that they accurately reflect your purchase and the quoted price. You'll be surprised at how many "errors" are NOT in your favor.
What's Coming to You: The quickest way to a cash-flow crisis is by providing goods or services to slow paying customers. Send invoices as soon as your product has been delivered or the service has been performed. Waiting for the end of the month just postpones payment.
Offer incentives to customers who pay invoices quickly. A small discount may offset the time and inconvenience involved in collection efforts.
If you accept credit card payments, make sure you're getting the best deal possible on payment processing.
Pay Your Dues: Carefully consider organization membership. Do you really participate and benefit from membership? Likewise, with magazine subscriptions: Does the magazine benefit your business and, if so, might you keep current with the publication for free, online?
Before implementing any cost-savings program, it is important to meet with your staff and explain the impact of today's economy on their workplace. Involving your employees will bring the issue to the forefront and encourage their own money-saving ideas.
Good luck!
