5 Easy Ways to Cut Business Costs
It helps to review your expenses and cut business costs where possible from time to time. This is vital if you want to stay in production without having to make the decision to let people go.
Switch to Monthly Pay Periods
You can consider switching your pay periods to monthly. This will reduce overall payroll accounting expenses since you don’t have to do it as often. It will be an adjustment for your staff, and they may have to rearrange some bills. But going from weekly pay periods to monthly helps save and is much better than the alternative of making pay cuts, offering fewer hours, and downsizing. It may also help to outsource any human resources and payroll services you use.
Find Cheaper Office Suppliers
The average small business in the US alone spends around $1,100 per year on office supplies. That’s a cut you can easily make since you really don’t need this much these days. One trick is to buy in bulk from somewhere like Costco or Sam’s Club or finding a smaller bulk office supply company as they will be able to communicate with you better than big brand stores. You can also find cheaper suppliers online through services such as Amazon. And this doesn’t even include toner and paper. You can save a ton if you decide to go paperless at your office by using some email, messaging, and collaboration apps.
It is also important to find the perfect supplier for all of your business card and printing service needs. VistaPrint is the perfect solution and can help to save you lots of money in the process. Right now you can get 15% off your order when you sign up for VistaPrint emails!
Cut Business Costs via Productivity
Your business relies on how well your employees work. And there are many things that can get in the way of that. These include distractions such as mobile phones and social media. While you can’t take away an employee’s phone, you can install social media blockers on your workplace devices. You can also use apps like Focus Booster that set the time for breaks, enable shared task lists, and track project times. And only schedule meetings when necessary.
Use Comparison Sites for Services
Like at home, you are probably paying over the odds for utilities at your business. Things like gas, electricity, and water costs can add up over the course of a year. But don’t worry, because also, like at home, you can use comparison sites. And you can even compare other business expenses, such as insurance. However, if you do spot a cheaper alternative, it can be worth giving your current providers a quick call, and they may be inclined to match the prices you find.
Eliminate Useless Services
A cost-cutting tactic we all use at home is cutting services they don’t use. On the flip side, you can stop offering the services no one uses. When you cut extra services, you can laser-focus your business efforts and employee talents on the things they do well. This means you will produce much higher quality work and meet the demands of customers easier. In short, you do less to achieve more. You can always outsource any extra talent you need on an ad-hoc basis.
Summary
Switching to monthly pay periods, using comparison sites to switch suppliers, and removing services no one uses will help you reduce business costs without having to downsize your staff.
