Saving your company some money can give it a “moat” to protect it during rainy days. Even if you are meeting your budgetary guidelines month after month, it makes financial sense to try and continuously look into more ways to trim the fat and, in effect, widen your profit margins. Here’s four simple things to save you money this year and the next years to come.
Use a Simpler Font
Companies that print a ton of documents on a daily basis for receipts, projects, and marketing materials overlook the amount of ink they use to produce it. By choosing a smaller font size, they decrease the amount of ink used per year, which ultimately trims costs for printer ink. A study conducted by a school district in Fox Chapel area shows that the school saved more than $20,000 in a year on printing expenses simply by making its faculty members use a simpler, more efficient font, such as Sans Serif.
The benefits of going green are repeatedly mentioned nowadays that it’s difficult to ignore and at least consider joining the green initiative. Whether you’re running a home-based business or corporate office, making the space more energy-efficient lowers the utility expenses over time. Simple ways to start your eco-friendly campaign are to replace your traditional light bulbs with compact fluorescent bulbs and to switch to an energy provider, like Lumo Energy.
Take Advantage of Open Source Technology
Every modern company and traditional business who hopes to compete and survive against new companies in their field use some form of software. Nowadays, technology streamlines many aspects of operating a business including word processing, meetings and presentations, taxes and bookkeeping, and so forth.
Being a good negotiator can save your company significant amounts of money. Contact your suppliers and business partners to renegotiate prices on your supplies and software. While you won’t get a “Yes” every time, negotiating doesn’t cost you anything plus, more importantly, it shows your competence and determination as a leader. Aside from negotiating to lower costs, you can also try to barter your company’s goods and services to neighboring businesses. This can create mutually advantageous exchanges of product and service for both businesses involved.
Many entrepreneurs overthink it when they’re looking to cut costs. The simple strategies are often left ignored, which when used properly can yield higher and more consistent results for your company without using up a lot of your organization’s resources.