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Jun
27
2008
Five Tips To Reduce Your Company’s Expenses Maranda Gibson

Are you feeling the squeeze as a business owner? The papers are full of talk about rising food and gas prices for consumers, but the business owners have to deal with those issues as well. Not only are consumers not spending right now, but the price of gas increases the price of other supplies that businesses require to operate. And the mood among small business owners is dour, so here's a few tips to pep up your day.

  1. Check your utility bills for errors. Phone bills, water bills, electricity bills, any recurring cost of doing business expense has a bill and they are nowhere near fool-proof. Check them to make sure you're being charged the right amount. Check with the companies to see if they offer a promotion for being a loyal customer. Make sure you're paying for what your company is using and not extras that you're not.
  2. Renegotiate your contracts. This slides neatly into the second slot after number 1 above. Is there a better deal you can get by going with another company? If you pit two companies against each other, can you whittle them down bit by bit? Never be afraid to ask for a better deal. It's the name of the game. Especially now.
  3. Think outside the box. Rather than flying everyone to one location for a meeting, think about a conferencing service and instead of handing out cell phones willy-nilly, reconsider how many people in your company really need them. It only takes a little bit of brainstorming.
  4. Outsource. Trying to do it all as a small or mid-size business isn't smart and these days there are services for everything. Shop around and don't sign any long-term contracts until you know you'll use it. This can be for HR, teleconferencing, accounting, marketing, you name it. There must be one thing holding up progress in your company. Figure that out and the sky's the limit. And don't outsource everything; start with one thing.
  5. Show that you're cutting back. Be the example. Turn off the lights when not in the office. Eat a sack lunch twice a week. Print on both sides of the page. Recycle. And always praise employees who attempt to help you cut costs by doing any of the above. It goes a long way and builds morale, which improves productivity, which improves sales and on and on. You know the drill.

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