With the economy in a downward spiral, you should make sure the light at the end of the tunnel isn’t a train. Most small businesses struggle just to make ends meet.
We’ve come up with a list of ways to trim some of the fat off your companies disbursements so you don’t become a casualty of the latest economical downturn.
Get a less expensive business phone service. Try your local cable company like SuddenLink. Chances are you are already using them for your internet service. Unlike the local phone company, there is no hardware or software package to buy or maintain, so costs start low and stay low and long distance charges are eliminated.
Consider switching from a merchant account to an online payment processor like Paypal. Say goodbye to statement fees and monthly fees. These services, however, do have a higher “per transaction” cost, so do some number crunching to see if making a switch will genuinely save you money. Most of the time they always have an introductory rate that will get you started in the right direction.
Go Green! Simple and more efficient technology will save alot of money over the life of its products like your computers, phones and other tech toys. There are often tax benefits to going green, too. Not only can you save alot of electricity with flouresent lighting, you could save even more with remanufactured Printer Cartridges, Not to mention it’ll help out the environment. So just look around the office for several ways to go green.
Turning off non-essential equipment when it’s not being used. This can reduce energy consumption by over 25 percent; booting off the computers and the printers at the end of the day can save an additional 50 percent as well could prevent an overnight computer hacking. If at all harmonious consider using laptop computers. Just by switching from desktop computers to laptop computers will save up to 90 percent in energy, not to mention the laptops are portable and could be taken home to finish what you couldn’t at work.
Networked and Shared printers. If you use and maintain multiple printers in your office, you could save money by setting up a network that allows fellow workers to share printers. Microsoft Windows Small Business Server 2003 is an easy-to-use and easy-to-operate server solution that allows you to share printers and create a more secure and productive computing environment. By eliminating even one printer you could cut your Toner Cartridges in half.
Keep an eye on energy consumption. Set your thermostats to a lower temperature, turn off all appliances when they’re not in-use and encourage staff to shut down their computers and printers when they’re out of the office. A $100 investment on programable thermostats will pay for themselves in less than 90 days. Having everyone participate will add up quickly.
Hire high school and college students or interns for credit. An internship program is a win-win spot for your business. You get bright, young and challenging employees to do your dirty work for little or no pay. The benefit embed both ways. The student or intern gets credit for working and a vast exposure to the real world while you may be eligible for tax credits and free help.
Online coupons to the rescue. Scour the Internet for coupons and promotion codes. Everything from software to copier paper can be found with a discount. Try typing coupon or promotion in google and see what you find. You will be surprised. Alot of the time Staples will have a coupon for purchasing anything up to a dollar amount, averaging 25% off. So buy $100 of anything and get $25 off. “I have 2 of these sitting on my desk right now and I’m going to use them to buy my next Laser Toner Cartridge.
Creating an e-newsletter. It’s much cheaper to market to previously acquired customers than to spend money printing and mailing. If your going to sit down and be creative then just cut out the middle man and the expense and e-mail your creation. Instead of wasting money on postage pass the savings on to your customer. Need help with the whole project, then checkout icontact online for alot of resources and information.
Using email. comparable to the e-newsletter, email marketing will let you interact with specific customers about new products that might interest them. In the spirit of going green, alot of customers would rather have their statements online and scanning them into the computer and emailing them is not a problem.
Evaluate your business insurance coverage and policy costs. Ask your provider about an umbrella policy, which can be cheaper. Consider raising your deductibles. evaluate your risk against cash flow benefits by reviewing your insurance deductibles. Ask your agent for ideas on how to cut costs and not benefits. It is always a good idea to review and re-evaluate your insurance annually. Personally I think it is a good idea to get a quote periodically from a reputable agent.
How about a four-day work week. What employee is going to object to a three-day weekend? No you don’t have to make it for the whole staff, just setup a performance pool and reward your top producers. Great way to boost morale and save some money.
This is just a beginning, never the less these tips will definitely help your business make ends meet during the economic crunch. Business doesn’t mean standard practice. Step outside the box and be creative, thats the true meaning of individual ownership. If you don’t own the company and you would like to play a larger role in its profitability I can just about assure you the owner will be impressed.
Anybody can show up to work, but few lead by example.
