5 Ways to Cut Small Business Costs for 2015
Almost every small business is going to be on a razor thin budget in those first few years, and this is one fact that is not going to change in 2015. Business owners need to get proactive about their company’s spending habits in order to cut costs whenever possible. For those that are at a loss of where else to turn, here is a look at five ways that are often overlooked when it comes to cutting costs.
1. Take a Fresh Look at Vendors
Each and every year, small business owners should take a fresh look at their vendors to see if there are any areas where costs can be cut. Owners may find that certain supplies are no longer needed or others are needed in a greater quantity. The end of a contract is also a great time to renegotiate the costs or shop around for vendors that may be apply to supply the same products at a lower price.
2. Skip Phone and Fax Lines
Long gone are the days in which a dedicated phone or fax line is needed, and 2015 is a great year to begin exploring new technology that can fill the role of these devices. VoIP systems, also referred to as a voice over internet protocol system, will transform the internet line into a dedicated phone line with all of the services that a business will need such as call waiting and voicemail for each employee. Fax lines can also be replaced with dedicated email addresses to transfer pdf files after scanning.
3. Rethink Utilities
Utilities may not be the largest expense for a small company, but it is a great place to look when it comes to saving money. All devices throughout the office can be slowly upgraded to energy efficient devices as the time and budget permits. Business owners should also speak with their CPA or tax specialist to see if there are any high-efficiency devices that can be purchased that will cut utility costs as well as give them a tax credit.
The concept of outsourcing has been a hot topic for business owners for many years, but technology and world-class training make it a viable option for those within any industry. Outsourcing can often be done for essentially every position within a company ranging from copywriters to VoIP receptionists. If outsourcing is not a possibility and expenses must still be cut, it may be time to consider merging positions within the company to cut down on the payroll.
5.Advanced Security Options
Security does not require multiple security guards or the hiring of security companies for overnight protection. Instead, owners should consider if an automated security system will provide them with the same benefits as a patrolman. These systems can be remotely linked and monitored from anywhere in the world by an inexpensive security organization or the business owner themselves.
Cutting costs in 2015 will require a mixture of tried-and-true methods as well as a fresh look at technology. These advanced devices and services could help any small business cut out costs in order to keep their budget in the green.
Jack Signorelli is the owner of soundviewadvice.com and is an expert at business coaching.