A lot of responsibility comes with running a business. In the end, pretty much everything comes down to income and expenses.
Keeping income at the highest level possible is achieved by more than one method. One way is to have great products or services to keep customers coming back. Another is through a successful advertising campaign.
On the other hand, when you want to reduce business expenses you must find ways to save. But sometimes there are ways to lower expenses that are overlooked. Here are some surprising ways to reduce business expenses you may not have thought about.
1. Co-own Office Equipment
Is your business located right next to other small businesses you get along well with? Perhaps everyone could share in the costs associated with large, expensive machinery.
For instance, a color copier with a sorter and automatic document feeder could be shared. Search for one that keeps track of the number of copies for multiple departments or, in this case, businesses. That way the amount of use can be tracked for expense allocation.
Of course, copiers are not the only thing that can be co-owned as a way to reduce business expenses. Fax machines, printers, scanners, and other office equipment could also be shared to save money.
2. Outsource Tasks
At times it’s cheaper to hire others to do some business tasks instead of doing them yourself. This can be true in a couple of ways.
Small tasks can be done by others to free up your time for income producing projects. As an example, going to the post office or picking up supplies could be done by someone else. Other errands may also be better handled through outsourcing as well.
Large, Complex Tasks
The small things aren’t the only ones you should be outsourcing. If you have a challenging project that you need completed, consider outsourcing it.
Hiring someone else may cost less overall than spending hundreds of hours figuring out intricate tasks. The time you waste learning a whole new app could be used for other important things.
3. Share a Breakroom
Breakrooms are areas that don’t actually produce income for your business. If you can share that space with other businesses in the same building it saves everyone money. Supplies expenses to stock the breakroom could also be split among everyone to save money and space.
4. Barter for Goods and Services
Bring back bartering as one of the surprising ways to reduce business expenses. Obviously this isn’t always going to work as a substitute for paying. Still, it could lower your business expenses at least some of the time.
There is a way to ensure you barter your business services or products successfully. Compare the retail prices of what you’re trading against the retail price of what you are receiving. If they are comparable, it’s a good exchange.
But at times you may be able to get a little more than you’re giving. That’s an even better barter.
5. Pay Bills Early
Some vendors offer discounts when you pay your bill early. Whenever possible, take advantage of this type of offer. It’s basically free money and will lower your overall business expenses.
Making your business the most successful it can be takes a lot of hard work. You must keep your eye on both income and expenses if you hope to do it. Use these ideas to reduce business expenses and achieve your business goals.