38 Cost-Cutting Strategies for Small Companies, What is that
Cutting business costs can increase your profitability. Here are 38 cost-cutting strategies for your small company.
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38 Cost-Cutting Strategies for Small Companies, What is that |
Anytime is a good time to re-examine your spending and look for ways to trim the fat and increase your bottom line. Here are 39 cost cutting strategies for companies to get you starte
- Save on postage by delivering invoices and statements via email.
- Download free online forms instead of buying them at office supply stores.
- Offer catalogs and brochures as pdf downloads to cut printing and shipping costs.
- Turn down the heat or turn up the A/C.
- Turn off unnecessary lights.
- Set your printer to draft mode to save ink.
- Re-fill your own printer cartridges.
- Switch your telephone land-line to VOIP or cable.
- Use free open source or cloud-based applications.
- Check every invoice and verify charges before paying.
- Pay bills on time to avoid fees.
- Consider telecommuting, virtual assistants, or shared office space.
- Review your cellular plan usage and compare rates elsewhere before renewing.
- DON'T cut marketing, but target your niche to get the most for your ad bucks.
- Cross-train your employees to help each other during crunch time instead of hiring temps.
- Use interns and freelancers for short-term projects.
- Take advantage of discounts: 2% for paying early, discount for cash, free shipping over $50, etc.
- "Fire" customers that waste more time and money than they're worth.
- Follow purchase order requirements to be sure your invoices get paid on time.
- Stop selling to slow-paying accounts.
- Concentrate on customer service to keep merchandise return rates down.
- Double-check addresses before shipping to avoid costly mistakes.
- Include promotional material in outgoing packages: coupons, newsletters, fliers.
- Use email and social media instead of direct mail to test new offers and coupons for your customers.
- Shop around for better rates on printing, shipping, and office supplies.
- Use free shipping materials from USPS, UPS and FedEx.
- Sign up for free business directory listings online.
- Barter/partner for advertising - i.e. pizza delivery ads on hotel key cards.
- Buy used furniture and office equipment.
- Reuse, reduce, recycle.
- Share your expertise in public appearances, blogs and social media and get free exposure.
- Look for online tools that offer a free basic service (i.e. Skype) with paid upgrades when you need them.
- Join a networking group and find a mentor with more experience to advise you.
- Look for rebates/incentives to replace old equipment with newer more energy-efficient systems.When travelling, use free airport shuttles and eat lunch where there's free wifi, but be sure to follow these wifi safety precautions.
- Don't book at a convention hotel without comparing rates with your AAA, AARP or credit card discount.
- Meet clients between meals in a quiet upscale hotel lobby.
- Use free teleconference services
- Thank you
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