All business managers need to stay conscientious about how to manage expenses. There are a few items in your overhead costs that you may not have reviewed in a while or considered changing. When it comes to controlling your bottom line, however, you need to think thoroughly and creatively. Here are four strategies that may help you reduce your ongoing operating costs to increase your business’ profitability.
1. Reduce Your Waste
Find out about waste management solutions that can help you pay less for your business’ trash and recycling removal. If you haven’t bid out waste removal in a while, it’s possible that you may be paying considerably more than necessary. Also, using a specialized compactor or baler can help you reduce the volume of waste that your business produces and require fewer pickups.
2. Outsource Human Resources Tasks
Getting professional help in administering certain human resources tasks may be more cost-effective and time-efficient for a small business with limited resources. Applicant screening, payroll processing, and benefits coordination can be affordably outsourced to a company that specializes in HR tasks. Outsourcing with a HR company can ensure that important employee matters are handled compliantly and consistently, and it may be less expensive than paying for certain tasks to be completed in-house.
3. Control Your Printing Costs
Negotiating a new lease for a multifunction printer/copier can lower your monthly printing costs. If you’re still under a lease, you should start bidding out services at least three months prior to the expiration of your lease term. Some companies will actually pay the rest of your remaining lease payments with another company to win your business. In addition, you can install controls to help you track how printing and copying is being used. You can set up your system to require unique user codes each time that a print job is processed so you can allocate printing costs to individual employees, departments, or projects.
4. Take Charge of Your Temperature Settings
Adjusting how your facility uses its HVAC system can result in a significant decrease in your energy bill. Using a programmable thermostat can save you from running your system more than you need to, and installing additional thermostats can help you better target your climate control efforts to specific areas. If you have an older building that’s equipped to accommodate only one temperature setting, you may be able to use variable air valve devices in your ductwork to optimize airflow.