Ways Your Business Can Save Money
It starts with your office
Every business likes to save money, but when it comes to what should be cut to save the money, many businesses are at a loss. So, before you make the difficult move to cut budgets and maybe even staff, think about ways you can cut your office expenses.
As pointed out in the video above, you would be surprised at how much money can be saved just from your office alone. Business consulting expert Ken Gaebler of Gaebler Ventures said that office expenses can amount up to as much as 5 percent of total revenues for small businesses.
He went on to say, “Every dollar you save on office expenses is a dollar that can be used to grow the business.”
In order to cut your office costs, you should consider operating virtually as much as possible. The Internet provides numerous ways to communicate, which makes the idea of running a business virtually feasible.
Secondly, try re-negotiating your lease. Since office vacancies are currently on the rise, landlords are willing to be flexible to keep their tenants and keep them happy.
Thirdly, you might want to think about sharing your office space with another business. This could also be an opportunity to increase your sales by working closely with a complimentary business.
The fourth way you could reduce costs is by utilizing economic development zones. Some communities have these areas which offer tax deductions along with other perks. If your town does not have these zones, contact your city officials.
Lastly, you could try finding short-term rentals. The advantage of short-term rental properties is that they eliminate being locked into a long-term contract. If you have a week-to-week or month-to-month agreement, you wouldn’t have to worry about your contract if you needed to take a drastic measure, such as downsizing.
You can also cut costs by utilizing used furniture and using energy efficient light bulbs. In addition, businesses can save on printing, ink cartridge, postage, and telephone expenses by enforcing electronic communication and storage.
What are you doing to cut your office expenses?