Running a business can be an incredibly challenging prospect. If you’re a small company, every penny that you bring in and every single dollar that you spend makes a difference when it comes to your bottom line.
That’s why reducing operating expenses is so important. Keep reading to learn seven instant way a company can save money on operating expenses today.
1. Say Goodbye to Paper
Paper is still common in many offices, but the truth is that still costs a lot of money to print. From paper and inks to repairs and printer upgrades, going paperless is something that’s smart for your bottom line and the environment.
Look for online sites and programs like Google Drive for business that allow everyone to access the same documents and necessary items.
2. Use Digital Marketing
Marketing costs can be astronomical. While print and mailers have advantages, digital marketing is often much more cost-effective. You’ll also target a new generation that no longer cares about print marketing as much.
3. Pay Attention to Social Media
Social media is a great tool for marketing. You’ll also spend a lot less than traditional marketing if you use social sites like Facebook right.
4. Stop Upgrading Electronics
You’ll always need printers, fax machines and computers in your office. What you probably don’t need is the very newest version of those things.
If you can hold off on an upgrade, even a scheduled upgrade, do it. You’ll save thousands per year in many cases.
5. Hold Virtual Meetings
Getting people together for meetings, especially if they don’t all work in the same place, means a lot of billable hours. When you hold virtual meetings, you could cut costs in half each time you want to get a group together.
6. Consider Outsourcing
You don’t need to lose employees to outsource. When new opportunities and jobs come up, outsourcing to a specific person or group for certain tasks can save you money and keep you from hiring a new employee.
7. Think About Telecommuting
Not all employees need to be in an office that costs you money every single month. By having some people telecommute, particularly people that don’t need to work with others every single day, you can actively reduce operating expenses.
Telecommuting also means reduced office space rent if you play your cards right.