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5 Ways to Reduce your Business Expenses This Year

5 Ways to Reduce Your Business Expenses this Year

Finding creative ways to cut business expenses can have a meaningful impact on a company’s profit margin. Major changes aren’t necessary to see a reduction in costs and an increase in revenue. We’ve consulted several industry-leading businesses to compile a list of simple, straight-forward strategies shown to improve the bottom line. Here are a few ways that businesses of any size can cut costs:

Ways to Reduce Costs for an Organization

1. Take it to the Cloud

Leverage the power of virtual technology to cut business costs related to travel, mail, and on-site storage. Virtual meetings, held through Skype or GoToMeeting, eliminate the need for travel and a physical place to meet. Utilize video chat services to keep business interactions personal and face-to-face while still saving money. Save on mail by collaborating through services like Google Drive or Basecamp. Save company files to the cloud instead of solely relying on physical storage on-site, which may require temperature-controlled storage and routine maintenance.

2. Cut down on supply expenses

There’s no shame in bargain shopping. Let your vendors know that you’re comparing prices in an effort to cut costs. Expand your search beyond current vendors and consider large discount suppliers. Be aware, though, that buying in bulk is not always the cheapest option.

3. Review financial costs

Conduct an internal audit to look at your current rates on insurance policies, bank fees, and credit card interest rates. Consolidate accounts to benefit from group discounts. Don’t forget to ask lenders directly to lower rates. It’s also helpful to minimize unnecessary debt.

4. Re-evaluate your workforce

Outsource jobs to contractors with services like Elance or Upwork to get quality work at a fraction of the cost of a full-time worker. Competition for contracts is often high, which allows you to save money while getting your needs met. Bring in interns and employees who need to build their experience for entry-level jobs that often pay a lower rate.

5. Save money by avoiding unnecessary costs

One of the most overlooked options for cutting business expenses is the foresight to think ahead and be proactive in an effort to avoid what could be costly mistakes or accidents. Whether it be a natural disaster, a cyberattack, or system failure, data loss can be a financial blow for companies of all sizes. Back up your data, enforce best practices for data loss prevention, and save your company the time, money, and headache of data loss.

Cutting business costs improves your bottom line. By considering how to save money before it’s an absolute necessity, it also allows business owners to make cuts where they will be the least painful. Getting the team on board with new changes instills a sense of camaraderie and everyone benefits.

If you need help recovering data or want to give us your tips for cutting business expenses this year, contact us today!

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