November 9, 2015
As a business owner, it’s no secret that one of your primary goals is to maximize your profits. To accomplish this, part of your job entails reducing costs when possible. This a necessary and beneficial function of all businesses, in order to optimize profitability and functionality. Whether it comes to saving electricity, reducing internal and external costs, and paying close attention to your bills, there are many effective ways to make sure that you are not wasting any money.
Running a company is no simple task. There are a million struggles you encounter between managing employees, maintaining the focus and direction of the organization, facilitating internal and external procedures, and keeping revenues up. When you throw costs and bills on top of that pile, things can seem a bit overwhelming. Hiring accountants and lawyers to help with the work doesn’t always make it easier; it can sometimes add to the confusion. For a few simple ways to stay cognizant on your expenses and save money on your bills, remember these key points to cut on office expenses.
1. Be Smart with Cable TV
Between Verizon, AT&T, XFinity, and RCN – there are dozens and dozens of cable providers to choose from, and choosing the best one for you is crucial for saving money. And, believe it or not, your company’s TV bill can really make a dent in your overall expenses. One of the easiest ways to save money on your company’s TV bills are to know which cable providers are in your zip code and what deals they offer. Don’t just sign up with the first cable provider that comes to your doorstep, or with the same provider that you use at home. While you are juggling hundreds of other tasks, it is natural to want to spend little time choosing a provider. However, don’t let your busy schedule keep you from making smart decisions. Depending on your specific location, some cable providers might be far more favorable than others. Better yet, some providers will be offering discounts depending on where your business resides. Your best option is to compare different prices and options before settling on any. This could save your company hundreds or thousands of dollars in the long run. In addition, make sure to find the best broadband coverage.
2. Keep Your Team Lean
Make sure that all employees are held accountable for their tasks, and that their tasks are directly benefiting your specific, current goals for the business. This starts with the hiring process. Only hire when you need to fill a need, or a gap, in the company. “Growing your company” or “expanding your team” aren’t sufficient reasons to hire. When your company would measurably be improved by adding a new employee – that is when you add one.
3. Relax with the pizazz
Parties are fun for everyone, and are a great way to strengthen company bonding and improve company morale. But don’t go overboard. Even holding a small happy hour at a local bar can cost you thousands of dollars for drink tabs, hors d’oeuvres, and space. You can create a similar experience by throwing an in-office event.
4. Look at Your Inventory
Before you splurge on that new company flat screen or game room, look at your existing assets and weigh out the pros and cons of adding more toys. There is a fine balance between work enjoyment and budget, and it’s up to you to determine it. However, before you make purchases, try to find out the impact on cost and experience that these purchases will bring.
This is probably the easiest and one of the most effective ways that you can save money for your business. At the end of the working day, make sure that all lights, machines, and devices are shut off. These costs can add up quickly.
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