Most people outline spending around the house and on personal expenses to ensure they stay within budget and make the most of every dollar spent. Such practices apply equally to businesses looking to keep more of the money they earn.
This does not require major steps or severe sacrifices, but rather, simple moves in and around the office, such as buying affordable Brother label tape, to keep things running smoothly, on less, effectively increasing net profits by thousands in just one year.
Power Down When Possible
Hundreds of dollars can be saved by turning things off when not in use. On weekends, when no one is in the office, keeping lights to a minimum and shutting down computers saves energy and produces less heat, which means air conditioners run less. This applies to fax machines, printers, and any other electronic. Setting thermostats to temperatures that help you run heaters and coolers less saves money, as well.
Paperless is Priceless
Most of us have been used to printed copies of everything, but with so many devices offering displays that rival that of hardcopy, why print? Hundreds of dollars can be saved on paper and ink by not printing, not to mention the benefit to the environment.
Going digital not only saves money, it is much more convenient. Using the Cloud to store and backup gives your business easy access to information by all who need it, when they need it, from anywhere. Information sharing becomes seamless.
Keeping supplies in one place supports better inventory management and reduces over-ordering. Keeping supplies at proper levels at all times also eliminates the need for purchasing last minute, which can oftentimes get more expensive.
The Right Amount of Insurance
Several small businesses often overpay for insurance. Not knowing what to purchase and what is necessary often leads business owners to fall prey to agents who will sell add-ons that are unnecessary. Business insurance, liability and renter’s insurance are all necessary to protect the business and consumers from mishaps, but oftentimes, they are appended with frivolous coverages that are not needed.
Closely examine your policy with your agent to find places where costs can be cut while still maintaining safe levels of coverage.
Keep Temperatures Tamed
Places of employment must be kept at comfortable temperatures to keep employees humming and customers comfortable. Given this, there is a concept of overcooling and overheating. Find a happy medium for all so that you are not overtaxing the heat pump and overusing energy. Remember to set temperatures higher or lower during closing hours to save additional dollars.
Ask for Employee Input
Employees are as much a part of your business as you are. Inviting them to offer suggestions on cost-cutting measures makes them a part of the plan and boost their bottom line, as well. Any money the business can save could mean more in their pockets. They will also feel more involved with the business when they can help make decisions that affect the success of the business.