Jun 16, 2018

Is Your Business Wasting Money? 3 Ways to Cut Operating Costs and Reduce Unnecessary Waste

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In today’s world, you can’t afford to be wasteful in your spending or with your everyday expenses. You need to constantly be cutting costs and reducing waste in order to save more profit for your bottom line. Here are three strategies you can use toward that aim today:

Lower Office Overhead

Your office building is likely one of your biggest operating expenses. Lights, heat, air conditioning, electricity for all the computers, insurance, and rent all add up. Find ways to cut these costs wherever you can. This might mean embracing the new way of working and allowing certain employees to work from home (reducing how much space you need) so you don’t have to pay as much rent. This also has the added benefit of reducing their commute time, so they can spend more time working and less time driving.

Go Bulk

Buying individual items may seem cheaper in the short term. However, they add up over the long run. If there are any items that you regularly use: pens, paper, ink, toner, or anything else, then buy them in bulk. Don’t just go to Costco, either. Look online and shop around for the best price. Sometimes, picking up the phone and calling a distributor can shave off a few point by building a relationship, so don’t count this option out.

Optimize Every Day Workflow

There are a variety of tasks that your team is doing everyday that add up. This includes printing, typing, and communicating. Find ways to speed up these processes or cut out the costs associated with them, such as using Slack or other chat platforms to limit the need to walk back and forth through the building and waste time. Printing is another low hanging fruit you can tackle.

IP printing is advantageous because it allows users to have complete control over their print driver and settings. This means your employees don’t need to waste time configuring the printer to their liking each time they print out a report. In addition to that, it also cuts down on maintenance and downtime, saving time and money.

With so many advances in technology coming every day, today’s companies have to be able to adapt quickly. You need to find ways to be more efficient and cut wasteful spending. If you don’t, you could miss out on opportunities to invest in other breakthroughs. So use the tips above and start getting better workflow efficiency, better profits, and less waste.

Resources:

Entrepreneur

ZDNet

PrinterLogic

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