Every business needs to look for effective ways to cut operational costs and save money without resorting to layoffs or other drastic action. The ‘ideal world’ scenario is to be able to pinpoint easy steps that save cash almost instantly and help the business to thrive. So, where do we find such measures? Here’s some suggestions…
Purchase and use equipment wisely
If your business relies on packaging, you would do well to invest in packaging printers that offer a low cost-per-sheet rate while providing speed and high-quality outputs. Nanographic printing technology, for instance, lets you go on both short and long print runs without pretreatment, significantly adding to your productivity minus the cost of traditional setups like flexo or gravure. An equipment upgrade can sound pricey at first, but it will definitely save on costs in the long run, especially when your printing demands are on a big scale.
The initial costs to make your business more environmentally-friendly may be higher than using traditional methods, but going green may save you a big amount of money on energy costs. Companies such as Google and eBay have started to go green, investing in wind installations and solar panels to supply their buildings and offices with renewable power.
You don’t have to go quite so drastic as that to make a difference though. Even minor adjustments, such as turning off half the lights in an office during lunch breaks, can make a big difference in your energy bill, especially when you’re working on a suitably large scale. Determine how much energy and resources you’re using and where you can save, such as water and paper.
In addition to long-term financial savings, your business can also recoup the costs in federal and state subsidies from using renewable sources of energy and, of course, puts you in a good light among consumers.
How much is your business spending on traditional advertising such as billboards, TV and radio spots, and print media? You can save millions of dollars on advertising by going online instead. Online, social media and even SMS ads can be targeted directly to your target market and delivered quickly, on a large scale and cost effectively.
You can also keep track of how many potential costumers clicked on your ad, how many made a purchase, and what exactly was purchased. Your customers will be online – probably on their phones – so aim to reach them on a platform that they are using for more effective results.
Use open source programs
Open source software enables companies to conduct their business without having to pay for expensive software licensing fees. There are many kinds of open source software available, from office productivity programs, Customer Relationship Management systems, photo editing software, and even Content Management Systems.
Conduct meetings online
Reevaluate the purposes behind your company’s business trips. Are they for meetings that can be completely conducted online? If yes, then cut down on trip costs and have an online conference instead. Communication tools such as Skype allow you to have video calls so you can talk to business partners and clients face-to-face without having to leave the office, use up valuable time and spend cash on travel expenses.
When it comes to saving money for your business, efficiency is key. Most of the expenses business have are on equipment, travel, and energy, so if you’re looking to reduce the costs of running your business, just follow these simple steps and start saving.