Saving money around the office is important for a business’s health. But with so many other priorities demanding your time and attention, it can be difficult to find the time to look for and secure savings. If routinely look for savings opportunities isn’t part of your business strategy, here are some ways to make it happen for the good of your bottom line.
Make the Time – Finding savings isn’t a pursuit to squeeze into spare minutes now and then. Cost cutting measures can seem like an “extra thing”, an item to put at the end of your worklist. But this is actually the most predictable way for a company to save money and become more profitable. Once a new, lower price is secured, there’s no guesswork; you know exactly how much more money your company will net each month. If you don’t have the time to search for savings, it’s important to delegate the task to someone who understands how to do this. Make it a part of your business’s schedule every month. Never stop looking for savings and your business will constantly become more efficient.
Focus on the Granular Level – Don’t just focus on the big picture items (though these are certainly important). If you can find a better source for quality ring binders, this is a success. If you replicate these savings on items throughout your business, you’ll save thousands each year. It’s very easy to get into a schedule and forget that there may be opportunities for cheaper costs. Don’t overlook opportunities simply because they seem small. If you are able to save 10% on something inexpensive, then save an average of 10% on all items including the expensive ones, this is a significant savings overall. Get to know what your business spends money on for routine or monthly use.
Cash in on Loyalty – If your company has been loyal for many months or years to a service provider or supplier, it’s time to see if you can get a discount. Get a quote from a competitor and ask for price matching if you find the same service for cheaper. On the flipside, if you are currently unsatisfied with the price or service of a service provider or supplier, talk to the competition and let them know that you’re thinking about leaving your current supplier. They may be willing to give you an excellent introductory rate, just because it’s so easy to get a new customer when they walk right up and ask to become one.
Bundle – Sometimes the opposite of “focus on the granular level” is best. See what your service providers and suppliers can bundle for you, and see what savings might result from putting various costs on a single monthly bill.
Savings don’t just happen. If you take the time to understand your costs and learn what’s available in the marketplace, however, you’ll be rewarded with predictable savings which can make a big difference for the health of your company. Savings sometimes hide in plain sight, so take a careful look at what’s out there and find ways to save.