How to Cut Back on Operational Costs
August 21st, 2019
Cutting to the chase on this one – here we go:
- Re-imagine your office space. Do you have employees who could work remotely? Staff who would work part time or share spaces? How much could you downsize if you really got creative? Shrinking your office space can shrink your costs on insurance, utility bills, office supplies and tech costs.
- Bartering for better business. Your products or services are worth more when you can find ways to trade. Often other business owners are keen to find ways that trades can work for everyone interested in saving on cash. Not sure how to navigate? Don’t be afraid to approach a fellow business owner and brainstorm.
- Use a programmable or smart thermostat. Lots of office personalities means lots of different opinions on the office temp! But you are the one paying the bills at the end of the month- keep things monitored wherever possible when it comes to utilities.
- Re-evaluate your equipment policies- develop something that maintains when and how equipment is replaced.
- Automate wherever you can, embrace and employ technology. Employees often fear the term ‘automation’ because they worry about being replaced, but studies actually show that automation boosts employee productivity by removing busy work from the equation.
- Along the same lines, consider outsourcing whenever possible. Some areas to start looking at would be customer service, IT, tax preparation, payroll, etc.
- Cut down those bloated travel budgets. Its no longer par for the course for business to require travel in order to close deals. With advancements in technology, meetings, deals, purchases, and closings can be done without the need to spend on hotels and airfare.
- Freelancers are also your friend. Consider short-term contracts for as needed projects like copy writing, SEO, graphic design, and web development.
- Consider the cloud if you haven’t already. Its natural to fear the unknown but cloud computing has solidified itself in the world of tech and is a simple and safe way to ensure your info is backed up and available at all times.
- Depending on your business size, considering buying pools to save on resources. Also look into trade associations for discounts, cooperatives and partner networks.