Cost cutting is an integral part of running any business. According to entrepreneurs, profits and savings depend highly on this process.
Businesses today greatly feel the importance of saving. If in the past they neglect little things like recycling, now they look upon it to save even the smallest of pennies.
Below are some cost cutting ideas for businesses. They are simple, easy to understand and absolutely effective
1. Use energy efficient technology
From computers to calculators, one may find satisfaction with using energy saving technology.
According to energy.gov, laptops are more efficient than desktops. They consume less energy but can do what desk tops can.
Furthermore, STAR labeled monitors and laptops manage energy better. A computer with STAR labeling can save 30%-65% energy compared to others.
2. Employ interns
As a means of saving, you generally pay interns less. Hiring them also works to their advantage. The experience they get from you will pave way for better careers in the future.
- Note: Hiring interns will save you money but I must warn you to study the law first before employing them over an available qualified applicant.
Interns too can bring vitality into your business. Enthusiasm and optimism from them is contagious.
3. Saving on printing
Did you know you can spend a lot on purchasing paper and ink alone? According to business news, reprinting due to mistakes is a hassle in the budget. Printing unimportant stuff also adds to costs and these should be avoided.
Cost cutting ideas to solve these? You could:
- Train employees to use printers correctly
- Encourage them to ALWAYS preview documents before printing
- Advise personnel to print only what is needed
- Advise employees to save data in computers to avoid overprinting
4. Advertize thru the internet
Traditional ways of advertizing cost a lot. Newspaper ads and banners fall in this category.
As a cost cutting idea, why don’t you advertize thru the net instead? It’s cheaper and is as effective, if not already more effective.
Go on, tweet your new business thing today. Post a picture on Facebook. Doing it is completely free!
Check these practical ways of advertising thru the internet: 7 ways to promote business
Did you think recycling would ever be out of the topic? As a cost cutting idea, recycling is one of the best!
Cost cutting thru recycling:
- Use back portions of paper for taking notes
- Shred paper to use as stuffing for deliveries
- Segregate trash so plastic, paper and metal can be sold
6. Save on coffee cups
Coffee is great in the office. You can save though by encouraging people to bring their own mugs. Disposable coffee cups may seem cheap when you look at monthly budgets. At the end of the year though, their price can surprise you.
7. Pay off debt
Just like for individuals, debt can hamper your business. As a cost cutting way, pay off debt as soon as you can.
It would help if you paid more than just the minimum. You don’t want interests piling up month after month.
Hey, if got a tip your supplies will increase in price next month, buy those months’ supplies today.
As a cost cutting idea, paying for stuff while they’re cheap today will save your hundreds tomorrow.
This strategy can work when paying for:
- Office rent
- Consultant fees