Business owners are constantly under pressure to reduce costs – but the things that are losing your business money might take you by surprise.
Here are a few practical tips on how to identify areas where small changes could bring about big savings:
Insurance is vital in securing the costly assets that assist in running your business. Compare quotes to find the cheapest, most comprehensive insurance plan that meets your business needs. When speaking to insurance brokers and agencies don’t be afraid to negotiate – ask for multiple quotes to compare and find what you need.
If it’s viable, try a multiple policy option – different types of cover from one service provider – as this often results in a discounted overall premium. Also consider consulting your bank for insurance options. Periodically review your coverage to ensure it’s still appropriate for your business’s needs – if it’s not, change it.
There’s nothing more costly than an inefficient workforce – and studies show employees spend 30-40% of their time looking for documents. A document management system stores and processes documents electronically, so employees don’t waste time searching for paperwork. They can spend time on what’s important, instead of getting bogged down with admin. This is especially beneficial for businesses having to cope with limited staff resources.
Explore digital tools that can assist with archiving, providing remote access to documents and streamlining workflow, like Nashua’s Managed Document Services.
Check your charges
Stay on top of bills to avoid penalty costs. Keep track of upcoming payments by using online banking and scheduling payments ahead of time. Remember to factor licences and permits into your annual budget to avoid unpleasant surprises. Be selective about subscriptions and memberships – only pay for what you need now. A journal subscription may have been useful at one point in time, but is it still a must?
Switch to green
Staying on top of what you’re spending on expenses like printing and stationery can save a considerable amount and help make your office ‘greener’. One way to eliminate wasteful printing is to manage print jobs digitally in one central hub, banish duplicate prints and audit the size of your device fleet, to downsize where possible. Nashua offers Managed Print Services (MPS) which can help significantly reduce printing costs.
Assign one or two people to manage office supplies like stationery and keep track of what’s being used. Make the process transparent and urge employees to use stationery conservatively and reuse where possible. For example, make it a rule in your business that all internal documents should be printed on reused paper.
Be mindful of devices to reduce your electricity bill. Remember, power is still drawn if machines are switched off but plugged into a live outlet. Wherever possible, use natural lighting and invest in power saving or solar-powered light bulbs – they often last longer too.
Replace desktops with laptops – they use less power. If you can’t use laptops throughout the office, aim to introduce energy efficient desktops. Look out for Energy Star qualified hardware – it’s engineered to consume less energy when performing regular tasks and automatically switches to a low-power mode when not in use.
Increased connectivity means employees don’t have to be in the same room to hold an important meeting. Assess all planned business trips and eliminate the unnecessary. Ask yourself: does this actually require face time? Can it be done over the phone or via conference call? If so, can the trip. If you can’t avoid an out-of-office meeting, try carpooling with team members or use services like Uber, Ryda and Snappcab.
Consider switching to an IP-based telephony service – because calls are all routed via the same line, it can drastically reduce your call costs. Nashua Voice offers this kind of cost-cutting technology – it also means you’ll be able to switch to virtual fax, virtual boardroom and virtual conferencing to further reduce costs.