Posted in Finance
Cost Saving Measures for Your Business
Cost saving is always important within a company. If you run a small company then cutting costs can have a large percentage impact on income, and if you are a big company then simply turning off the lights at night could save you a huge amount.
Cutting costs rarely equates to reducing the quality of your service and this is something that you should certainly avoid because it will directly impact your customer base. Rather, cutting costs should simply be about streamlining processes and cutting inefficient elements back. This article considers how to cut costs without any reduction in quality.
Almost every company will have some kind of printed communication that they send out directly to customers. Whether this is an invoice, letter of thanks, or description of goods, it should have a printed letterhead to identify your business and your services. Printing this letterhead can be a costly exercise because the ink is very expensive and the quality will also often be lacking. A good cost saving solution is to have the letterhead printing done professionally.
In a large company the amount of copies ordered would ensure some excellent discounts, which will almost certainly be cheaper than the cost of buying colour ink to print internally. Once the high quality letterhead has been produced, the costs of toner cartridges to print the actual content in black will be minimal and the entire stationary cost of your company will be set to drop dramatically.
Outsourcing is becoming a more viable option for small and large businesses alike. With the increased connectivity of the world, it is now entirely feasible for a staff member to work from home without ever having to enter the office. Outsourcing can save you a vast amount of money because of the nature of the work. Whilst you will still need to pay equivalent wages, you will be able to save dramatically by avoiding superannuation costs, employee insurance and other tax payment obligations.
The impact that this saving can equate to around one third of an employee’s salary. If you add to this the fact that you will have a far wider pool of potential expertise to choose from, it will be clear that outsourcing can benefit your company greatly.
Cloud computing is a great new way to save money for your business. Instead of paying server maintenance costs, IT support staff wages, rent for the housing of such, and huge electricity bills, a small charge each month can provide you with all the IT capabilities that you need.
Cloud computing will make your business network accessible from anywhere with an Internet connection and the costs involved will greatly decrease. The added benefit of cloud computing is a vastly increased level of connectivity and mobility, which could greatly benefit your business. Becoming more mobile will allow you to save costs for time wasted during employee travel, for example, as there will be no real reason why they cannot work whilst commuting between jobs.
Cloud is a new and exciting way to save and it comes with a huge amount of potential for adaptation and improvement too.