Business Expenses You Can Reduce or Eliminate to Save Money

1. Paperwork

Printing costs add up quickly. Paper, ink and machine maintenance are bad enough, but employees also spend their valuable time dealing with printer issues. Eliminate as much paper as possible to streamline operations and cut costs. Use online signature services to sign contracts so even your most formal documents can avoid the print room.

2. Out-of-town conferences

Travel is expensive. Do less of it by investing in web conference software that allows you to have face-to-face conversations from anywhere around the world. Don’t eliminate travel entirely — an in-person meeting with a major prospect could pay serious dividends — but do reserve your travel budget for high-priority situations.

3. Insurance

Insurance isn’t cheap, and I’m not saying to just cut it out entirely. Whether it’s car insurance, building insurance or liability insurance, regularly review your agreements to determine whether another company could offer a better deal. The time investment is minimal and could save you thousands of dollars every year for the exact same benefits. If money is especially tight, raise the deductibles on your policies. You’ll get lower payments, but if disaster does strike, you’ll be on the hook for a bit more of the total.

4. New equipment that isn’t really better than secondhand equipment

It’s nice to have new things, but not if those new items don’t offer significant advantages over used ones. Before you place a big order for a bunch of new file cabinets, consider the gently used alternative. Avoid going too cheap — things like used laptops and chairs can lower employee morale and make people question whether the company values its workers. This is an opportunity to find some local partners with whom you can trade.

5. Needless office space

Do you have clients regularly coming in and out of your office? If not, consider moving to a location with lower rent in a less prime location. Offer remote work and work-from-home opportunities for employees to reduce the amount of space you need.

Credit to: FCA Accounting services

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