In this uncertain economy, one of the ways you can stay afloat is to be wise with your company’s spending. If you’re struggling to cut costs, here are 5 ways you can start.
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1. Cut out the middleman
Most retailers sell products on behalf of a manufacturer, and they’ll increase the price of the items to make a profit. This means that if you buy your office supplies and equipment directly from the manufacturer, you could lower your procurement costs. Brands that cater to offices often have websites so you can conveniently browse their prices and services. You can check out unicol.com, for example if you need to buy ceiling projectors. Staying loyal to a brand also builds a relationship with them and can lead to you getting discounts in the future.
Some may argue that buying equipment second-hand is cheaper but buying from private sellers doesn’t offer you the same guarantee that buying directly from the brand does. The equipment may have underlying issues that the seller didn’t disclose, and you may find yourself saddled with unexpected and costly repairs. If you weigh your options, you’re more likely to save money and avoid inconveniences when you buy from the manufacturer.
2. Go paperless
You may think that paper doesn’t contribute much to your costs, but it actually does, not to mention the additional supplies you need to purchase for your employees so they can properly file paper documents like staples, paper clips, filing cabinets, folders, envelopes, etc. Take advantage of technology and online tools to transition into a paperless workplace. You’ll find that the processes are much faster and more efficient because it minimizes human error and handling time. Additionally, you’ll be doing your part in reducing waste.
3. Adopt a hybrid office setup
A hybrid workplace means that you could have some employees working from home while the essential ones work onsite. Alternatively, you could also reduce onsite workdays and have everyone work from home for the rest of the week. By doing this, you can reduce your utility costs significantly. This solution couples well with tip #2, as going digital with most of your processes means they’ll be less need to drop by the office to file or submit document hard copies.
4. Adopt stricter office policies
If you’re not properly monitoring your office inventory, it could lead to overspending. Keep an updated count of all the office supplies and purchase only when supplies are running low. Remind your workers to always be careful with office equipment and to avoid anything that may cause damages, such as putting drinks near electrical devices or being too heavy-handed.
Every office space is different, so to determine what your workplace can do without, you may need to run an audit to determine other specific ways you can cut costs. Don’t hesitate to ask the advice of experts or your fellow business owners. Remember that you’re likely not alone in this struggle. Talking to someone who has personally recovered from financial straits can give you an insight into what you can do better.