When You’ve Got to Cut Costs
When You’ve Got to Cut Costs
Many companies are looking to cut expenses and keep their bottom line in the black. A great way of doing this is by reducing your operating costs and cutting down on business expenditures whenever possible, says Jordan Sudberg, who runs a successful medical practice.
Another option though is to also look at ways of expanding your revenues, such as finding new markets or growing your client base.
Even so Sudberg has offered his tips on how to reduce business expenses.
Reduce Office Supply Expenses
If you’re trying to reduce your supply expenses this method may be worth looking into. Contacting vendors to let them know you’re price shopping, and then looking outside the pool of traditional vendors can save you money without sacrificing quality for your event.
Make a Budget
A budget is a plan that includes all income, expenses and savings. Budgets allow you to see how much money you have left at the end of the month after paying for fixed costs and unexpected business expenses. Although sticking to an expense budget is not fun, iIt can help improve your financial health.
Cut Production Costs
Sudberg also suggests another option to cut down business costs is to cut production costs down. Look at your materials costs and see if you can optimize your resources. Use less expensive materials and you might even find recycled items that offer cheaper options.
Some financial experts recommend consolidating your accounts if you are able to do so. This can help reduce the monthly maintenance fees in addition to saving you money in interest in the long-term.
Change Marketing Tactics
Marketing is a key element to any business. When you are trying to draw in new customers, your marketing strategies are crucial. One way of doing this is through traditional media outlets, like TV ads or newspaper ads. But what are the benefits of doing this? It may seem cheaper at first glance, but when you consider how many times someone will see that ad in comparison to finding it online on social media, the price difference begins to shrink away.
Use Work Time More Effectively
Studies show that productivity can be boosted by limiting distractions and avoiding time-wasters. One way to do this is to use an app like Focus Booster or Rescue Time. These apps limit the number of hours you spend on certain websites, which cuts down your access to distractions like social media and news sites. This can help employees be more productive and get more done which in turn will boost revenue.
Use Virtual Meetings to Lower Your Costs
Jordan Sudberg has noticed that virtual meetings are becoming more common in business, eliminating the need for travel and saving companies time and money. Virtual offices can also help eliminate the need for physical office space.
Now more than ever, we see many different options to increase productivity and improve business ROI while lowering expenses. Really, it is only a matter of lowering expenses, sticking to a budget and finding creative ways to increase profits.