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MARCH 2016
T
oday’s economy requires all businesses to streamline
their budgets and get maximum value from every
dollar spent. To accomplish this, you may need to
do more homework and put more thought into every buying
decision. Are you getting the best deal available on office
supplies and shipping? Could you take steps to reduce your
company’s energy use and utility expenses? Are there oppor-
tunities to save on your overhead by renegotiating your lease?
Sometimes even small changes can save your company big
money over the long haul.
Here are some popular money-saving strategies you’ll
want to try:
1. Save by bundling services with one provider.
Bundling is the practice of doing more business with one com-
pany to take advantage of savings opportunities. For example,
many banks offer lower loan interest rates and fees if you have
multiple account relationships with them. Similarly, insurance
companies often give discounts for buying multiple policies.
2. Get equipped to lower energy costs.
One relatively easy way to save is by reducing the amount of
energy used for heating and cooling. Does your office have a
programmable thermostat? If not, now’s a good time to make the
small investment. By adjusting the automatic settings even a few
degrees during work periods, and further reducing energy use
during off hours, your business could see noticeable cost reductions.
3. Pare down paper and printing expenses.
In addition to being environmentally responsible, anything you
can do to become a reduced-paper office will save you money
on purchasing, printing, mailing, shipping, and storing paper.
For the printing you still do, regularly evaluate costs from
several suppliers to make sure you’re getting the best deal.
4. Reduce rates by extending contract terms.
Take a look at your service contracts and leases for office space,
warehouses, and vehicles. You may be able to significantly re-
duce your monthly overhead expenses simply by renegotiating
and extending the length of the term.
5. Talk to your vendors.
As you examine other areas in your budget, don’t hesitate to
contact vendors and strike up a discussion on how they might
be able to help your business save money. They may be willing
to offer creative solutions in order to retain your business.
6. Solicit suggestions from employees.
The financial health of your company matters to everyone,
so make economizing a team effort. Ask for ideas from your
employees about how to decrease costs and increase efficiency,
and then reward their efforts. You may be pleasantly surprised
by the suggestions that surface. One company’s employees
even volunteered to help clean up around the office to save
on janitorial services. Now that’s dedication!
Use these six painless ways to
cut costs and stretch budgets
Tried-and-True
Tactics for
Saving
Money