You already know that improving your company’s bottom line isn’t just about increasing revenue. Disciplined spending can drive down overall expenses and make for a much healthier balance sheet – and you can get started on it right in your office.
There are hidden administrative and operational expenses throughout your workplace that, if better managed, can save your business a lot of money. It’s not just about blindly cutting costs, either. Simply spending smarter can lead to better work, faster results and, ultimately, cost savings.
Here are ways to both spend smarter and save money on office expenses at the same time.
Stock Supplies Thoughtfully
Sure, buying in bulk can help you tap into discounts. But, do you really need 65 packs of file folders? If you over-buy supplies that simply sit around and collect dust, that’s money not-very-well spent.
Put a little more thought into how you buy supplies. Set a consistent purchase schedule (perhaps monthly or biweekly), so that you can combine multiple purchases for the best possible shipping deal. That will also give you time to research discounts on the products you need.
Then, maintain a live, ongoing inventory of frequently used supplies. Estimate how much you’ll need of each item to stay well-stocked until your next purchase. That way, you’re neither under-supplied nor over-stocked. After a few cycles, your estimates will become more exact, saving you money overall.
Streamline Your Vendors
You probably chose the vendors you work with for good reason. They offer great value and they’re trusted partners. Fortunately, you don’t have to cut a vendor to save money. You just have to think harder about how you spend your money with each one.
Mailing and shipping is an often-overlooked example. You might ship via USPS®, FedEx® or UPS® interchangeably, but the costs and service varies considerably based on not only the carrier you choose, but on the item you’re shipping. To save money, you can drill down to find the most cost-effective shipping option per package with each carrier.
Evaluate Your Office Technology
Does everyone prefer to use their free Skype account rather than your paid office instant messenger app? If that’s the case, why keep paying for an expensive license? There may be other examples in your office of redundant or underused software that could be consolidated or eliminated.
At the same time, wade into this territory carefully. There might be legal or compliance reasons why your company needs to use approved software over free consumer products, for example. Additionally, technology changes or consolidation could actually lead to a costly, time-consuming and frustrating transition process – not what you want. Look for easy, logical opportunities to trim software licenses.
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