Whether you have a small business or a large scale production house, reducing your cost is an important part to grow it successfully.
Though there are many options available that may help in reducing your cost it is still important to keep the quality of your goods to its best at all times. After all this is the only thing that will keep your business booming and keep your customers statisfied and returning back to you.
Here are 10 simple tips that will help you to reduce your business cost while maintaining the high quality of your products:
1. Reduce waste
Recycling and reusing office materials helps you in reducing waste and saves you money on buying new supplies. Old paper may be used as scratch pads, buy reusable cups for coffee and save on printing costs by proofing your writing before printing. This will save a lot of paper that gets wasted.
2. Go for smart marketing
It is seen that a good amount of money is spent in advertising of your trade. Although such advertising is sometimes successful while most of the time it is not able to gather much customers. Networking through your existing customers may save money spent on advertisements and will fetch more customers. You may also advertise online which costs lesser than traditional advertisements.
3. Make use of technology
Use of certain free technologies available nowadays may help you in cutting back on costs involved in teleconferencing and travelling for a meeting. You may also use online invoicing services and time tracking tools to grow your business effectively while reducing cost at the same time.
4. Buy secondhand
Unless necessary you may buy equipments and furniture that are already used by some other business. This will reduce the initial cost of your business and will easily solve your purpose. Used stores are much popular in selling secondhand items that look just new.
5. Save energy
Another way to cut business cost is saving energy. Go green and use natural lights in your office during daytime. This will surely reduce your energy bills to a great extent. Keep your air conditioner at a little higher temperature and open up windows whenever possible to refresh the air in your office.
6. Pay your bills on time
Not paying your invoices on time may make you eligible for late payment fees. Make sure you pay them before due dates to save money that gets wasted this way.
7. Work from home
If you have a business that allows you to work from a different location than office, you may try working from your home. This will save your travelling cost and time. You may also think of shifting your office to a small part of your home if you run a small business. In this way you can save a lot in space, energy and travelling.
8. Reduce cash expenditures
Try trading services and goods with other business by using barter route. This will reduce your cash expenditures as barter deals usually require less money.
9. Buy online
Online deals provide stuff for offices at a much cheaper rate. You may think of buying paper, printer ink, toners and other office materials like files clips, desk stationery, desk accessories etc from online stores. Most businesses use printers and copiers from the famous brend gestetner which toners are usually bought online from various stores like for example Artonery. You can find a few near your location and check out their offer. Such stores generally offer great deals and big discounts that will help you save additional money.
10. Look for a cheaper space
If you think that you are paying a lot for using an office space, look for a new one and bargain on it. You may also try on negotiating on your present lease terms to reduce your cost.