Wednesday, December 19, 2007

Cutting Costs in Your Business

I just found a decent article on Microsoft’s website called “How to Cut Costs Painlessly in Your Small Business.

It offers lots of useful tips for managing transportation costs, cross-training employees, comparing service offerings, monitoring receivables, and marketing more efficiently

I also liked their grab bag of miscellaneous tips:

• Do you check your invoices against your purchase order to make sure you got everything you asked for — at the price you were quoted?

• Should employees who travel at company expense turn frequent flyer miles back to the company?

• Is your insurance coverage up to date, or is it based on equipment or vehicles you no longer have?

• Do you always purchase items new? Could you buy a year-old van or look into used office furniture next time you need some?

• Do you have more office space than you really need? If so, could you rent out part of your space to another business?

• Can you do a better job of organizing shipments to avoid costly overnight or next-day charges?

• Do you monitor energy usage to make sure you're not paying for lights and heat when no one is in the office?

Lots of small changes make a big difference. As they say, reducing your expenses by a dollar is worth 10 times that amount in sales.

See the full article here.

No comments: