There are plenty of ways to save costs in the office. Cut expenses by pinching pennies in areas that don't compromise your ability to keep afloat and you may see your company getting ahead.
- TIP: University business schools regularly offer free interns from marketing classes to work in the field for companies that need help. The intern gets credit and you save money.
- Step 1: Find websites, blogs, or social networking sites and services that can target demographics for your advertising campaigns for only a pittance. Use the ad dollars wisely so you can spread the word better.
- Step 2: Track expenses to avoid unpleasant surprises at year's end. Be disciplined enough to stay on top of your bottom line.
- FACT: At the beginning of the economic downturn in 2008, the average price of Class A office space in New York City fell by 19 percent as companies were vacating space to save money.
- Step 3: Contract with a low cost, virtual administrative service to schedule appointments, answer inquiries, write to clients, or contact vendors.
- Step 4: Protect the business with good insurance in case of unfortunate turns of fate. The money spent now will be tiny as compared to what disaster recovery would cost. Raise your deductible to reduce the premium.
- Step 5: Buy office supplies in the off season, usually summer months, when discounts and rebates abound. Check deals on the internet for high quality products at a lower price.
- Step 6: Use remanufacturing companies for used or reclaimed equipment to save your costs.
- TIP: Sometimes charities provide recycled equipment services to keep the needy working.
- Step 7: Look for software deals online or free trials and limited use versions, as well as document and spreadsheet programs. Test and download what suits your needs.
- Step 8: Centralize inventory by continually restocking an adequate supply. This eliminates duplication or excess that can occur when each department orders their own supplies.