Nathaniel Fried
When it comes to business, one of the quickest ways to improve your bottom line is to improve your business expenses. The challenge is determining where to make the necessary cuts without having a detrimental impact on the performance of your business. Cutting things here and there can be done with minimal impact on performance but a very positive impact on your bottom line. Getting started is as simple as identifying the issue, and implementing some tested and successful strategies.
Printing supplies
In many businesses, one of the most used pieces of equipment is the office printer. It’s natural then that the printer is a large source of your business expenses. Instead of trying to go paperless all together, look for ways to lower the financial burden of printing. The easiest way is by using cheap ink cartridges that do a good job and last the distance. Ink cartridges are a small item but can account for a large cost when it comes to your outgoings. If your business is printing presentations and pitches, then the likelihood is you are burning through ink at a rate of knots. Instead of trying to slow down printing and possibly damaging your presentations, buy cheaper. There are a number of reliable suppliers in the market who are very competitive on ink cartridge prices. Do your homework and find the right supplier to save your business’s money.
Cloud storage
Storing information and data for your business has been a costly exercise in the past. It doesn’t have to be. Cloud storage helps lower the cost of a physical site that houses a number of hard drives in what is usually a leased space. A quick way to lower your business’ costs is to investigate whether you have everything you can store in the cloud, actually in the cloud. Cloud storage is a low-cost option and usually offers a greater storage capacity meaning you can start to lower your vulnerability of holding physical documents and data. By removing the need for a physical site, leasing arrangements and expensive equipment you can start to lower the cost of storing data and information. Cloud storage is often established by grouping organisations together, so explore your options.
Lower your impact
A great way to help lower the financial burden on your business is to become more sustainable. There are a number of incentives offered to businesses who are environmentally conscious and willing to make changes. Establishing a recycling program, using recycled paper and ensuring your impact on the climate is limited, are all ways to help lower overheads and improve the bottom line. The added benefit of making your business more sustainable and environmentally friendly is that customers will actively look for responsible and like-minded companies to buy from. Making sure your business is doing all that it can to lower its impact can have a dramatic impact on the bottom line as well.
Check the lights aren’t on
A simple enough tip, but one that a lot of businesses overlook. Energy consumption can create huge waste for your business’s bottom line if not carefully managed. A few of the common mistakes are employees who leave computers on all night. Simply making a policy that computers must be shut down at the end of the day can have a great impact. Additionally, leaving lights on or having unused telephone lines all result in ongoing costs. Line rental on an unused line is a big waste of money. Do a deep dive and make sure you aren’t paying for energy or telephone lines you aren’t really using.
Lowering overheads and improving the bottom line doesn’t have to be about getting rid of employees. There are smart and simple changes you can make today to position your business in financially-friendly place. Try some of these useful tips to start making those changes today.
