One of the biggest struggles for businesses is driving down their costs. However, it’s ironically a problem that can be tackled in a bunch of different ways. In many cases, small businesses, in particular, tend to make some questionable purchasing decisions. It put more strain on their finances than they should. Simply by making these adjustments, they could end up with hundreds, or even thousands of extra dollars in their coffers. However, they have to be able to identify them to fix them. Here are a few ways that your business could save money on overhead costs.
Renegotiate Your Deals
You should renegotiate everything from your rent to your energy contracts, and your supplies. Don’t be afraid to show to your suppliers that you are ready to go elsewhere.
Don’t assume that just because you’ve been with them for a long time that they’ll give you the best deal. You’d be surprised at how attentive they are to new clients they’re trying to retain. As well as how much more attentive they’ll be once you tell them you’re ready to leave. So, don’t let them take you for granted; try to see what’s out there.
Buy in Bulk
Another thing you should do is buy in bulk. You will always get a better price if you go wholesale. So, instead of going down to Staples every single week, you could stock up on the essential items you’ll need through a wholesaler.
It’s best to go with suppliers that have a wide range of suppliers. Providers like Blue Dog Supplies, for instance, have virtually everything an office needs. So, you’ll be able to make larger purchases, and better deals this way.
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If you don’t think you have high enough needs or don’t think you have the power, use the power of networking. Instead of buying the items on your own, team up with other people and use your combined power to buy more stock and get a lower price.
Reduce Your Energy Costs
Businesses tend to leak tons of energy without even realizing it. However, doing something as simple as unplugging devices that are left idle could be enough to save you thousands on your electricity bills every year.
These are what are referred to as “energy vampires”. As a matter of fact, it has been estimated that items that are plugged in but aren’t turned on, could be accountable for as much as 30% of your energy bill. So, make sure that you have a shutdown and unplug policy in your business.
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Other things you can do include installing windows with a high energy star rating and looking into technology such as heat recovery ventilation that will allow you to reduce strain on your central HVAC system while improving the air quality in your office.
These few tips could be enough to enable your business to stay afloat. You’ll then be able to use all of the money saved for expenses that will allow you to actually grow your business.