While we spend the majority of our time at MedResults Network working to save our members money on the products and services they use daily, it’s sometimes easy to forget that we too, are a business that benefits greatly from cost-savings! As small business owners, we’re always looking for ways to save money on day-to-day purchases and operational needs. Below are seven simple ideas to help you cut costs in your business. The incremental value of each of these activities could save you hundreds to thousands of dollars annually!
- GO GREEN
- Ditch the paper and pay your office bills online; payments are instant and you’ll save time and the cost of stamps, envelopes and checks.
- Keep important files on your computer (regardless of whether you have hard copies) and be sure to back up your hard drive using programs such as Carbonite or Google Drive.
- When you’re leaving the office for the day always turn off the lights, air-conditioning, and computers. This is especially critical if you own your building!
- Order recycled printer cartridges; they’re less expensive and deliver the SAME results.
- PURCHASING POWER
- Use the negotiating power of thousands and join a GPO or a buying network that caters to your industry. Joining others will ultimately save you tons of time (you would have spent negotiating) and cash. MedResults is one of these networks!
- DISCOUNT “DEALS”
- Even if it’s not advertised, take initiative and ask for discount. While this is not always appropriate in certain circumstances “…you won’t get if you don’t ask!”
- SOURCE / SURF
- Big businesses do it (including the government), so why shouldn’t you? Surf the internet looking for the most cost-effective products and services. It’s a good rule of thumb to shop around; I usually look for 3-5 different options to ensure that I am getting the best value.
- TAX TACTICS
- Consult with your tax consultant and ask them what you can and cannot write off. Ensure that all of your expenses are being written off properly. There are crucial tax deductions in businesses; make sure yours aren’t being overlooked.
- SCHOOL YOUR STAFF—THE MOST IMPORTANT TIP!
- It is important to educate your staff on how to be cost effective. Just because you may be a great ‘money-manager’ doesn’t mean that they have the same knowledge or skillset. Remember that it’s easier to teach good behaviors than to change bad ones.