Top 8 Tips to Cut Business Costs

The one question that comes across every businessman’s mind is; How do I reduce my costs? There are various alternatives to a business which almost immediately cut down costs by more than 50%. All it requires is smart planning and knowledge on unique cost effective alternatives. 

At Bizcostsavers B2B Marketplace, we provide an array of solutions for you to choose from through our online listings. All our solutions will bring down your costs to a large margin. To give you a better idea, here are a few straightforward tips  which you should implement to cut costs:

1. Wages – Paying wages to full time employees with added incentives and fringe benefits can increase your expenditure quite a bit. The simplest solution for this is to adapt outsourcing. You will be able to pay the person only for the particular project they complete which is a lot lesser than offering full time employment. The amount of wages given will be comparatively lesser than the amount a full term employee gets. So you can employ specialists for short term projects. Even the concept of virtual offices and remote tech assistance help you cut costs in a convenient manner. 

2. Office Space – Instead of the common traditional offices, find a shared office space for your company. This can dramatically reduce your overhead expenses and other costs. In shared offices you get to network with other companies and promote your brand as well. If not for shared offices, you may even opt for serviced offices. You wouldn't have to worry about expenses on office furniture and maintenance because everything will be taken care of. 

3.  Furniture – When you purchase furniture for your office, it need not be brand new. You get trendy furniture in the best shape from used furniture stores. The amount you spend here will be so much lesser than what you would invest in new furniture. Some company hardly use their furniture for six months and they decide to get rid of them. So basically you can buy such furniture which is as good as brand new ones. 

4. Print and Stationary – Your stationery and print items can be quite expensive over a period of time. In such cases it’s best if you opt for a more technological approach. Don’t keep too many papers and files and also make sure you save paper while printing, by using both sides of the paper. Make use of the e-mail system and print less, this will save you a lot of ink. 

5. Electricity – One of your overhead expenses which can increase quite a lot is the electricity bills. With the overuse of internet and computers your bills will amount to a very high amount. You must look at greener options such as solar energy light bulbs and other such remedies. This will also be an effective green approach towards the environment. 

6. Hire Interns – Almost all companies make use of this simple method to cut costs. Interns basically look for experience rather than costs and you need someone to do all the small work around the office. It’s a win-win situation for both. Instead of employing a full time employee for this purpose you can just hire interns for a minimum charge or for free. 

7. Bartering – This age old method has been utilized in all fields of life and using this in the corporate world is one of the most effective ways for cost reduction. You can offer services to another company in exchange for something you need. So basically in this process, you would not be spending any cash. In addition this creates a very harmonious environment between all business sectors. 

8. Work at Home – If your staff works even once a week from home, you will be saving a lot of money which otherwise would be used on electricity and travel. With the amount of savings you may just be able to invest in some new ideas for the business. 

If you are able to adopt a business cost friendly mind set, many of these smart decisions will be easy to implement and work your way through all business decisions. Just by saving money on an everyday basis will amount to a large sum in the end. 

8 Unique Ways to Cut Business Costs in 2014

In today’s progressing economy, costs are augmenting quickly for business organizations. Whether it is the cost of office space, equipment or labor; businesses are looking for ways to reduce these costs so that they can retain maximum profits. Though you cannot completely eliminate your costs, they can be effectively reduced with the right strategies. By adopting smart options you will be able to efficiently reduce costs and in the bargain, garner more profits to venture in to other areas of business At Bizcostsavers B2B marketplace, we help you to connect with providers of alternate cost saving solutions from low cost technology to freelancers, shared office space and more. We understand the importance of reducing costs therefore we provide unique ways from which you can benefit.

In recent times, many companies are switching to various solutions that are both beneficial to them and others. Therefore we make it simpler for you by providing you a one-stop solution for all your business cost management requirements. Here are eight unique ways to effectively implement the following strategy:

Outsource

Instead of employing people on full time basis as your staff, you can bring in freelancers or independent consultant for short term contracts. In this way, you can cut costs by not having to pay full time salary with benefits as a regular employee requires. With such short term projects, you will also have the opportunity to analyse the talent of such short term freelancers and employ them later on full time basis because of their good work.

Buy Used Equipment

Utilizing equipment for your office which is even a few months old will considerably decrease your costs to a large extent. Since technology keeps improving over time, you will be able to get huge discounts on software and hardware that was recently replaced. There are various companies willing to provide office furniture which have been used but are in excellent condition. The investment here would be smart and feasible for any business venture.

Supplies

Make it a point to use recycled products in the office such as recycled printer cartridges, paper and office stationery. There are many stores which offer office supplies made out of recycled products. Not only does this reduce your costs but it creates a strong impression on your clients about your ethics and values. Make an effort to reduce consumption of paper and make everything more electronic.

Office Space

Buying an individual office space can result in high investments and liabilities, so the best option would be to share office space. Adopting the co-working concept ensures that your costs are reduced and you get an office in a prime location with good facilities. This provides other added benefits like networking, sharing knowledge and gaining potential customers. Shared office spaces are extremely profitable for new business ventures as they start off with considerably low budget and aim to reduce costs from the beginning.

Reduce Energy Consumption

Changing to CFC bulbs, adopting rain water harvesting, using energy efficient appliances and installing water saving taps can reduce so much energy consumption. In the bargain you will be taking care of the environment as well. Taking notice of small things like turning of electrical equipment when not in use can work wonders to reduce electricity bills.

Hire Interns

Hiring interns will be a constructive option for both the interns and the business since you enjoy low cost labor while they enjoy the experience of working. Though interns may require some training, you will still be getting work done for a lesser amount than employing someone for it. There will be new exposure and a change in the office environment too which is good for the company once in a while.

Work at Home

Allowing employees to work from home even once a week will bring down your electricity costs to a large extent. Invariably you may end up occupying a smaller office and reducing the cost of office space as well if your employees are allowed to work from home.

Shared Transport

Provide shared transport for your employees by contacting companies which provide such services. This will reduce your transportation costs considerably over time. Instead of providing individual transport facilities, carpooling is another way to effectively reduce costs as well. Apply this ethical solution for your employees so that they can understand its value as well.

Each business venture has their own set of requirements and liabilities. At Bizcostsavers marketplace, we help you search for the best solution for cost cutting in your company. By lowering your business overheads, your business will function smartly in the long run, setting you apart from your competitors. You may even use this as a marketing value for your company.