3 Ways to Save Money on Business Expenses

By SiliconIndia   |   Friday, 23 November 2018, 11:16 Hrs
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3 Ways to Save Money on Business Expenses

Running a business has a number of expenses. And to run your business as smoothly as possible, you want to make sure you’re not spending unnecessary money, and streamlining profits. Here are a few ways that you can start to save money on business expenses today.

Use passive energy saving measures

When it comes to business expenses, your monthly bills and utilities will be some of your biggest financial expenditures. But you can easily save costs on these by being more aware and active in your energy-saving measures. For example, for office air conditioning and heat, even dropping the thermostat by a few degrees can help to significantly reduce your overall energy usage, which will translate to a lower monthly bill. And this adjustment can easily be handled by employees by having an extra sweater or sweatshirt at their desk.

Another energy-saving measure is raising awareness of light usage, specifically in sparsely-used rooms, throughout the day. Send out an office memo that encourages employees to turn off lights as they leave conference rooms, the bathroom, the kitchen, and any other room that’s sporadically occupied throughout the day. And always turn off the lights before departing for the evening. The same thing applies with energy usage – when you’re not using electronics and appliances, unplug them from the wall to avoid wasted energy. Make sure you do the same thing when you leave for the evening, especially over the weekend. These small adjustments will soon become the norm, and will definitely add up in your monthly savings.

Switch to generic brand products

For standard office supplies, such as pens, pads, of paper, printer paper, post it notes and more, if you’re not smart about how much you’re buying (and from what brand), those expenses can easily add up. To save money for standard office supplies, order in bulk from wholesalers, such as Costco. You will generally reap significant savings by ordering six months to a year’s supply of products at once, and if you’re able to purchase from a wholesaler or generic supplier, you’ll be able to save money there as well.

Revisit your company credit cards

Chances are that many of your monthly and recurring expenses are being paid for by company credit cards, so an easy way to maximize money in (and even make some extra money) is by re-evaluating the credit cards that you’re using. Is there an option for you to switch to a card with a lower APR? Or better yet, can you switch out your current card for one that offers credit card rewards in the form of mileage, points, or cash back? If you’re putting a lot of money on your credit card each month, then cash back can be a huge additional income source for your business.

No matter how smoothly your business is currently running, there’s always somewhere you can make changes to save more money and positively impact your bottom line. Try these three tactics and see how your monthly savings increases significantly in the next three to six months.

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