Tactics for Tough Times
Today’s economy requires all businesses to streamline their budgets and get maximum value from every dollar spent. To accomplish this, you may need to do more homework and put more thought into every buying decision. Are you getting the best deal available on office supplies and shipping? Could you take steps to reduce your company’s energy use and utility expenses? Are there opportunities to save on your overhead by renegotiating your lease? Sometimes even small changes can save your company big money over the long haul.
Here are some popular money-saving strategies you’ll want to consider in these challenging times:
1. Save by bundling services with one provider.
Bundling is the practice of doing more business with one company to take advantage of savings opportunities. For example, many banks offer lower loan interest rates and fees if you have multiple account relationships with them. Similarly, insurance companies often give discounts for buying multiple policies. D&E has many new communication packages available. Contact us today to see if these could be incorporated into your business for additional cost savings.
2. Get equipped to lower energy costs.
One relatively easy way to save is by reducing the amount of energy used for heating and cooling. Does your office have a programmable thermostat? If not, now’s a good time to make the small investment. By adjusting the automatic settings even a few degrees during work periods, and further reducing energy use during off hours, your business could see noticeable cost reductions.
3. Pare down paper and printing expenses.
In addition to being environmentally responsible, anything you can do to become a reduced-paper office will save you money on purchasing, printing, mailing, shipping and storing paper. For the printing you still do, regularly evaluate costs from several suppliers to make sure you’re getting the best deal.
4. Reduce rates by extending contract terms.
Take a look at your service contracts and leases for office space, warehouses and vehicles. You may be able to significantly reduce your monthly overhead expenses simply by renegotiating and extending the length of the term.
5. Talk to your vendors.
As you examine other areas in your budget, don’t hesitate to contact vendors and strike up a discussion on how they might be able to help your business save money. They may be willing to offer creative solutions in order to retain your business.
6. Solicit suggestions from employees.
The financial health of your company matters to everyone, so make economizing a team effort. Ask for ideas from your employees about how to decrease costs and increase efficiency, and then reward their efforts. You may be pleasantly surprised by the suggestions that surface. One company’s employees even volunteered to help clean up around the office to save on janitorial services. Now that’s dedication!