101: Cost Cutting
For a small business, costs can add up quickly and cut into your bottom line. Regular reviews of operating costs can turn up significant savings and keep more money in your pocket.
Don’t let your focus get so mired in the day-to-day responsibilities that you forget about the bigger picture — saving money where you can.
Think creatively. Is there unused office space you could rent out?
“We rent our conference room after-hours to a therapist who meets with clients in our offices,” says Jane Applegate of The Applegate Group, a Colorado marketing firm, in an article at Entrepreneur.com. Consider refinishing office furniture rather than buying new.
Pay attention. In areas like insurance, for instance, be sure you are regularly researching and comparing policies, especially when it’s time for renewal.
“I use an independent agent for all of my insurance needs,” says Suzanne Kearns, small business owner, in an article at MoneyCrashers.com. “Agents aren’t financially bound to any one company and can usually find great rates.”
If your company sold a vehicle or building, be sure it’s removed from the policy.
Beat paper costs to a pulp. One company moved printers so they would require more of a walk for an employee to use them, discouraging their use. Shoot for less paper use with more recycling and more online forms and reports that don’t use paper.
“Trade show notepads should be used up before venturing into the company supply closet,” which should be locked, says Business.com. Print on both sides of the paper when possible. Get an efax number to send documents electronically use Google Docs or a similar program to share and comment on reports instead of printing them out.
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