If you have a business, be it small or large, there are many savings tips that you can keep your money and cut costs without skimping on quality or performance. You don’t have to sacrifice product or service for price, if you become familiar with the concept of productivity transfer, where you leverage lower-cost alternatives to get the same results. Here are 8 simple savings tips to accomplish this.
Our 8 Savings Tips For Your Business
- Pooling: The savings when you properly use pooling can be extensive. Find other businesses who use the same suppliers, and purchase together in an exclusive deal with one supplier for several years. You can then get significant savings from bulk purchasing.
- Contractors: By hiring independent contractors, you aren’t paying for “dead hours” where full-time employees would be sitting around not working. With a contractor you pay only for specific hours or services rendered, and get expert work.
- Look for Opportunities: There is probably unused advertising all over your area. If you see a billboard or advertisement for a company that’s out of business, why not have their disconnected phone number redirected to your business? You can then get instant potential customers.
- The New Telecommunications: Traditional phone lines can be expensive and replaced with free and inexpensive combinations of new Internet-based systems like Skype.
- Re-examine Your Office Space: Rent is one of the biggest overhead costs you’ll likely encounter and it hits you every month. If you reduce office space by going virtual, subleasing small portions of larger spaces, or renegotiating your lease can save you a lot of money.
- Bring in Young Workers: In today’s market there is a glut of fresh, new talent that’s having a hard time getting jobs because everyone wants experience. Try valuing training over experience—you can save money by offering “entry level” positions to students fresh out of schools, and can even leverage low-cost or even free labor by offering internship positions.
- Custom Return Envelopes: by using custom printed envelopes for marketing and invoicing, you can save on labor costs that slowly rack up when you have staff doing constant mail merges to communicate with customers. When staff just need to stuff an envelope rather than you paying for labels, ink costs, and mail merge labor, the savings can be significant.
- Fiscal Responsibility: Hold a company-wide staff meeting and ask your staff directly how they think you can save money. Educate them on how your cost breakdown works and why you need to reduce costs. Let them make suggestions and listen. They’re the ones in the trenches and they’ll be able to give you ideas to cut costs without cutting company morale.
There you have it! These eight simple methods for leveraging lower cost options to achieve the same goals—productivity transfer—are excellent ways for your business to save a lot of cash on the bottom line without the concern of skimping on the high quality of the products and services you deliver. We love helping our customers save money at LetterJacket Envelopes and love hearing how our customers save money for their businesses. What are some of the ways you save money?