Little Cost-Cutting Tips that Add Up to Big Savings
by Carrie Hinkel on March 20th, 2008
With mounting bills and a nationwide economic downturn, it’s no wonder why more and more businesses are looking for new ways to cut their monthly costs. Well, the good news is there are plenty of small things you can do to keep your cash flow healthy. And, as we all know, all those little cost-cutting ideas can add up to some serious savings!
Consider using a VoIP phone service – If your monthly phone bill is in the hundreds every month, consider slashing it down to a single or double-digit bill. Voice over internet protocol (VoIP) companies like Skype, iConnectHere, Net2Phone, and DialPad allow you to dial phone numbers over the internet, and talk and listen using a microphone headset. Other VoIP companies like Vonage and Lingo let’s you use your existing phone number and phone to make calls. Typically, there is no monthly fee and calls are free to other VoIP users, or a very low rate (starting at 2 cents a minute) to cell or LAN-line phones.
Be more energy efficient – Replace your existing light bulbs with compact fluorescent or halogen bulbs. They last longer, give off more light and use less energy than traditional incandescent bulbs. When replacing office equipment, look for the Energy Star logo, as these products not only reduce electric use by over 50 percent, but you might qualify for a tax cut as well. To learn more, visit www.EnergyStar.gov . Also, turn electronics and computers off when you leave the office at night and be sure to turn off lights as much as possible. If you don’t already have one, get an electronic thermostat and lower the office temperature in the evenings and on the weekends.
Consider a payment service – If your website has an online store, chances are you have a merchant account with high monthly fees, statement fees and discount percentages. That can all add up to an unnecessarily-large bill at the end of each month. You may want to think about switching to a payment service like Paypal or Clickbank – there’s just a low per-transaction fee. Depending on the business, this switch alone can save you hundreds of dollars a month!
Cut down on waste – Many businesses are unknowingly overspending by not recycling. Consider the lunchroom: do you provide disposable plates, cups, napkins and utensils for employees to use each day? If so, you might consider stopping those purchases and asking employees to bring in and recycle their own plates and utensils. Also, the amount of paper that gets wasted in the average office can amount to hundreds of dollars a year. Consider using electronic memos, notices and bulletins, and start a recycle bin and use those to print faxes or make in-house copies.
Be creative; there are plenty of other ideas that you can implement to add up to big savings. Take a look around the office and at your daily routine and see what can be minimized or reduced in order to save money. It won’t take long before you have your own list of money-saving ideas!