3 Ways to Reduce Small Business Cost Part 2

Go Paperless

Printers, ink, postage, running to the PO BOX, shredding or trash removal etc. These may seem like small costs, but they add up over time. Is it necessary to receive that bill by paper? Change your billing and invoice system, electronic receipts can all do wonders for eliminating waste and eliminating unnecessary costs from your business. Ask yourself, can I use my phone for this? Do I really need to print this?

Printed Marketing ROI (Return on Investment)

When is the last time you reviewed your print marketing budget. What kind of return are you getting? If it is less than 5:1, you may evaluate if these dollars even need to be spent. Generally your marketing budget should never exceed 5% of revenue. Focusing on the investments that return the best return make a immense difference.

Downsize your Real Estate

Is it necessary to have all this space? Corner office with a view? How many clients actually come to your office or place of business. Many studies determine after a team grows beyond four people production exponentially diminishes. How can you segment and or efficiently house your teams of four for max production in the smallest space possible? Bigger doesn’t always mean better especially when profit is the primary goal.