5 Tips To Cut Your Business Costs

Cost-cutting is the norm these days with many businesses trying to work within a budget and save money

. If you are one of those, then you can follow these tips and ideas to cut down on some expenses while maintaining the same level of productivity and efficiency:

1.Hire universal agents; as the name suggests these agents are very efficient. Unlike many agents that can only perform a single duty, universal agents can handle a lot of tasks. For example, they can answer calls related to order, revert to emails, and also handle customer queries. These agents can also switch to other tasks as well which would result in maximizing productivity. If you have a mixture of universal agents plus some dedicated agents, it would reduce cost and maintain a high level of productivity as well.

2.Get in touch with other businesses and make a proposal to network and barter with them. You can trade services as well as products with other businesses in return for their services and products. This barter system would require little or no investment and both the business holders would benefit from this mutual exchange. You can also try networking with other businesses and trade mailing lists and business leads. This technique would cut down costs for both the agencies involved, in terms of marketing and advertising expenses. This method of mutual exchange of contacts and other services would prove beneficial for both the companies.

3.Buy your office supplies in bulk. Instead of buying from a retail market, visit wholesalers and manufacturers. You will get the products not only at reduced rates but you can also strike a deal with them to get a discount if you place an order in bulk. You can also visit websites that offer freebies and get some office supplies such as software, online business services, graphics, etc. you can also make a list of the products that are going to be needed in the near future and shop for them during sales. It is also a great idea to borrow or take the stuff on rent that you will only need for a small period of time. You can also visit garage sales and pick stuff like furniture among others.

4.Examine your expenses and keep a track of the spending graph for a couple of months. By doing this, you will know about the unnecessary expenditures and can prepare a budget accordingly. Eliminate all extra spending and try and work your expenses within the stipulated budget. You can also try going green. This strategy would not just help the environment but would also help you in cutting costs. You can get your staff to conserve energy, recycle office supplies, communicate through emails instead of paper and opt for biodegradable material among others.

5.You can also save a lot of money by opting for audio and video conferencing instead of commuting for meetings. By choosing this method, you will not only save money that you would have spent on travelling, but would also save time which you would have spent commuting. Now since you can have the meeting in your own office space, you can use it for other productive work.

These are fairly easy suggestions to follow. Once you bring them into practice, the gradual decrease in office expense would slowly but steadily become apparent.

by: Jane M Dawson

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