Do You Own A Business? Here’s How To Cut Unnecessary Costs

Every business owner knows that costs are an inevitable part of operating a business. However,  as a business owner, it’s your job to make sure as many of those as possible are unnecessary expenditures. In many cases, this can mean cutting costs where necessary and finding new sources that won’t require you to sacrifice quality or service for the price. It may be challenging, but with some planning and a little bit of creativity, it can be done. In this article, we’ll discuss some great ways to cut costs for your business while serving the same quality products and services.

Find The Best Electricity Plan For You

Most businesses are spending far more on electricity bills than they have to if they’re not factoring in their usage patterns when choosing an energy plan. It’s important to remember that electricity companies charge different rates at different times of the day. By reviewing your monthly consumption logs along with local tariffs, you can find effective ways to cut costs without sacrificing service quality by switching to an energy plan best suited for your company’s demands. Additionally, if you are running a business in Texas, you may shop for commercial electricity suppliers the same way as a residential consumer. This means you’re entitled to the cheapest electricity rates and will not be paying more than you should.

Switch To LED Lighting

One of the easiest ways to cut unnecessary costs is by switching to LED lighting. LEDs use 80% less energy than traditional incandescent bulbs, which means you’ll end up paying significantly less every month on electric bills. This is especially great for business owners who are looking to conserve cash flow and increase profits. The best part about switching to LED lighting is once you purchase the initial bulb, they require virtually no electricity cost aside from the minute amount it takes to power their microchips. As a bonus, LED bulbs last much longer than traditional lightbulbs, so you won’t have to worry about replacing them as often!

Use A Business VoIP Phone System

There are a variety of different phone options available for consumers and businesses alike. Cellular phones have become more popular as technology has advanced, and they’ve become more reliable than ever before. However, there is much reason to consider using a business VoIP phone system instead of cellular phones: much cheaper rates for calls within your city or state (or nationwide), toll-free numbers with no monthly fees, virtual phone numbers available at a fraction of the cost of traditional phone lines.

In addition, many business VoIP phone systems come with features you’d normally expect from a smartphone, such as voicemail to email and conference calls. These features allow for remote workers to collaborate on projects from afar while saving businesses thousands in annual telephone bills.

Negotiate With Vendors

The rate that your business pays for goods and services is often negotiable. If you are working with a decent-sized company as a vendor, they may not be as concerned with your wide variety as they might if you were a small business. In many cases, this means you can negotiate rates and reduce costs significantly for items such as paper goods or regular deliveries from food vendors. The best part is most of these companies will also offer discounts for early payment, additional purchases, and services that are guaranteed to be delivered by a certain date.

Look For Energy Efficient Equipment

There are several energy-efficient appliances available on the market that can save businesses money with little to no effort on their part. Refrigerators, stoves, washers, and dryers can all be purchased in an energy-efficient model which typically only costs slightly more than their standard counterparts. However, they have the potential to save hundreds of dollars a year in energy costs alone – not including any savings on maintenance and replacement parts that may be needed for older units. Also, if you are in the market for a new computer, look into energy-efficient models that meet all of your business needs without breaking the bank.

Utilize Cloud Services

The cloud is a series of remote servers where all types of data can be stored and accessed from practically any modern device with an internet connection or software that interfaces with them. Many businesses today are turning to the power of the cloud as a means for storing their documents, apps, and information without having to purchase costly computers, physical hard drives, or telephone systems. This allows companies to keep track of their data from virtually anywhere in the world with access to the internet while reducing costs significantly on equipment and maintenance.

Cut Costs On Insurance Premiums

To save money on your business insurance, you may need to upgrade certain policies and procedures. For example, if you operate a business that requires a large number of deliveries in the field, like a moving company or furniture store, you can lower your premiums by adding additional placement coverage. This means that any damages that arise from accidents due to delivery will automatically be covered under your policy.

On the other hand, if you don’t carry equipment in your vehicle, you can ask that this coverage be removed and save money on increased premiums. The same goes for your general liability policy. If you are concerned about accidents happening to employees, clients, or customers while they are on your property, you may want to consider raising the limits of general liability coverage as a way to save money over time without cutting corners.

Invest In A Security System

A security system is a great way for businesses to protect their intangible assets such as customer data and other proprietary information. Best of all, security systems are relatively cheap when compared to the potential costs of not having one in place should a theft or similar crime take place.

There are many different types of security systems available, including video surveillance, motion-activated alarms, and other state-of-the-art devices that can help you monitor your business while saving money on manpower. It will also cause any potential threats to think twice before breaking in because most security systems can be connected to local police departments.

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan