Smart Ways to Save Your Company Money

Smart Ways to Save Your Company Money
  • Opening Intro -

    With the weak economy continuing to make it difficult for businesses to make money, if not survive, business operators must explore ways to save money.

    Reducing expenditures is important, but with payroll making up about 70 percent of the average company’s overhead, layoffs may seem like the only option for some.

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Laying off workers can impact morale for your remaining employees, a move that can also cause your productivity to drop. At this point you need all hands on deck — so consider the following smart ways to save your company money before resorting to layoffs:

Go Paperless — To determine to reduce paper usage or eliminate it completely. Certainly, you’ll need to keep a copier, but most forms, reports and other data can be delivered to customers and staff electronically. PDF documents can help you keep what you need on your hard drive — just back it up regularly so that you don’t lose data.

Renegotiate Your Lease — Tough times means tenants may need to approach their landlords for some assistance. Legally, a landlord doesn’t have to revisit your lease, but if you file for bankruptcy, then your lease agreement is null and void. Chances are your landlord doesn’t want to lose a quality tenant either and may agree to a small concession. Even a 5 percent reduction in rent can yield needed savings for your company.

Handle Contracted Work In-House — Does your company hire landscapers, snow removal companies, window washers and other outside personnel to handle work your employees may be able to handle? If so, consider bringing some tasks in-house, letting certain vendors go. If an employee owns a pickup truck with a plow and would like to keep your lot clear, then offer the job to him — at a lower cost, of course. Employees can empty their own trash, clean off their desks and vacuum floors. Pay someone extra to handle bathroom and kitchen area duties.

Freeze Hiring — Don’t fire, but don’t hire. If it turns out that you need new workers, then only hire contractors to fill positions as needed. When the work or project ends, you can let these workers go. You can also hire college interns to handle some tasks, paying a stipend to cover some of their expenses. Students receive college credit working for you for a summer or for the fall or spring semesters.

You may also be able to sublease a portion of your building as well. Consider this option if your office or retail location can be subdivided. Or, you could do as hair salons do — rent out space within your office to accommodate a business that needs some space, but doesn’t want to obtain a lease.

See AlsoHow to Save Money on Hotel Stays

 
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Last update on 2019-06-08 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Money Management