Four tips for reducing monthly expenses
To remain competitive in Florida's growing economy, organizations of all sizes need to keep their expenses low and look for opportunities to make each dollar go further. While there will be some costs that remain necessary to running a business, such as payroll and insurance, most owners are surprised by how quickly the savings grow by removing unnecessary items from their monthly budget.
- Go paperless: In today's digital world, paper and ink are only slowing you down. While going 100 percent paperless may not be possible for your organization, you could see savings right away by switching processes such as invoicing and payments over to a digital solution. This also can save on time, further increasing savings.
- Ditch the landline: With the new affordability of unlimited cell phone plans and solutions such as Voice-over-Internet (VoIP), your landline is an unnecessary and often expensive item dragging down your budget.
- Buy used or lease equipment: If there is a must-have piece of expensive equipment for your organization, consider buying used first. Sometimes, it is even possible to find a non-competing organization with similar needs to split the cost. If this isn't possible, consider leasing, but make sure to examine the service contracts carefully.
- Take your office virtual: Most likely, your office lease is one of the most significant monthly expenses on your line budget. By switching to a virtual office solution, you are no longer tethered to a costly lease, and you save on furnishing, maintenance and equipment costs. Allowing employees to work remotely can also improve engagement and productivity, and regain hours lost to stressful commutes.
Staying lean can increase the competitiveness of your organization, and ensure that you have the savings to weather any unexpected challenges.