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How to Cut Your Business Expenses

Dec 30

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12/30/2015 5:02 PM  RssIcon

How to Cut Your Business Expenses


Expenses can be challenging to manage. Office supplies, especially, can be a large expense that you simply do not want to pay. Locating where costs can be cut might be vital to your organization’s health, especially for small businesses. By using office management software, you may be able to locate potential savings, but what about the more common-sense strategies? Fortunately, there are easy-to-implement techniques that you can start to use right now.

 

Purchase in Bulk

First, take down some information: how much of your office supplies are you really using? Can you measure it? Once you’ve done this, look at bulk prices. Most office supply stores offer a substantial discount for bulk purchase. Items like paper, ink cartridges, and file folders, if used often enough, can cost you significantly less if you find deals in bulk. If you do decide to make some larger purchases, be sure to keep a careful running inventory. This way, you can effectively determine exactly how much you should purchase and when.

Build Long Term Relationships

Most offices use a supplier, repair company, or contract group to get supplies or keep office equipment in good repair. Build a long term relationship with these associates so you can learn about special discounts, receive exclusive offers, or create positive working relationships. People always like to help out a friend. If you build relationships with the people you rely on, they’ll get more business, and you’ll get more deals. Everybody wins.

Find the Best Deals

Whether you’re buying supplies and services or outsourcing a task, be sure to do some research for the best deals. Consider cost, quality, and other similar features.  A little extra research can result in surprisingly big savings. Consider if you truly need those nice pens that feel nice in your hands. Could you go for something cheaper?

Identify the Best Time to Purchase

Keep your eye out for peak seasons. Prices often fluctuate as the year goes on. For example, late summer often provides great deals for back-to-school related products. Many items are offered at a discount when they are not in high demand. If you time your purchases in this way, you may be surprised by how much you save. Purchasing items online can also save money, so keep your eye on the online retailers.

Cut Down the Use of Paper

A big way to reduce costs at your office is to use less paper. Having information online, using electronic documents, and replacing paper transactions with online ones can dramatically cut down paper use. Consider limiting printouts to documents that absolutely must be in hardcopy. If it doesn’t need to be printed, leave it digital.

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