Controlling costs
Every little bit helps, and corporate owners and managers should never be so focused on profit that they forget to keep an eye on costs. What's coming in is important, of course, but being laser-focused on what's going out is also a practice to help your firm stay ahead. Here are three ways to keep expenses at bay:
Eye your office space
Renting office space is often a top-dollar cost, writes Michael Michalowicz, CEO of Provendus Group, in an article at AmericanExpress.com. Sometimes you have to think creatively to see if you can reduce that overhead. You could ditch the space and have employees work from home. You can also cozy up to renters who are in long-term leases about using their space. “More and more tenants have extra space, and you may be able to pick it up on the cheap,” he writes. Another option? Try to renegotiate your existing lease with your landlord.
Each year, renegotiate all contracts
Sure, this is a lot of work, admits Steve Odland in an article at Forbes.com. But making it a yearly tradition — like your birthday — can pay off. He suggests never signing a contract to extend more than a year. “American businesses presume that multiple-year contracts will result in lower costs. Maybe sometimes, but not always,” he writes. The result of regularly revisiting these contracts will likely result in lower costs.
Put all office supplies in a central spot
Encourage workers to put unused office supplies in this area. Unused file folders get found, not ordered. Staplers get stockpiled, not purchased. An article by Monique Dubos, Anna Arkin and Matt Domski at GreenBiz.com says this technique can help savings add up. “Re-use reduces the need for new purchases,” they write, and cuts down on waste as well.
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