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How to reduce expenses in my company

February 17, 2020
How to reduce expenses in my company

Given the economic difficulties or the reduction of benefits, many companies include the dismissals of workers as an immediate and effective measure to reduce costs. However, there are many other alternatives that can be explored to reduce costs, less traumatic for the worker, and less problematic for the company and its external image. If you want to know how to reduce expenses in the company, here are some tips.

Steps to follow:

1. Analyze your phone bill and reduce business mobiles. Use your computer as much as you can for your communications: email, chat, Skype video conferencing or Google Plus, etc. Check if it is profitable to make a change of Telephone Company for your company, or if you can negotiate an improvement of your current conditions. The expenditures on corporate mobile bills tend to be sometimes too high, as they are difficult to control and vary each month, valued if they are really needed all phones of the company.

2. Material expenses. The costs of paper and, above all, printer ink is usually the highest in the office supplies section. The golden rule that you have to know how to transmit to employees is that you don’t have to print anything that is not strictly necessary, and if you have to do it, better in black and white than in color, unless it is essential.How to reduce expenses in my company

3. Business meals. There are deals and agreements that sometimes can only be achieved after a relaxed talk at lunchtime. However, there are a thousand options in the city before choosing a high-end restaurant. Choose if you can other cheaper establishments where you can be equally comfortable.

4. Be austere when traveling. In essence, it is the same advice as the previous one. Always look for an option that suits your needs for a lower price and run away from superfluous luxuries. Rate also if a more expensive and central room compensates you more than a cheaper one and forces you to spend more by taxi or public transport.

5. Implement energy-saving systems, install energy-saving light bulbs and, if necessary, perform an energy audit to determine exactly where and how you can save more on your electricity bill. Check that the air conditioner is at a moderate temperature in both winter and summer and that the equipment is completely turned off at night, even in standby mode.

6. Reorient the business. Sometimes for more expenses than cuts, the economic results do not improve, simply because the business is exhausted or the market does not give more of itself. In that case, you should give it a new approach, find new customers, or introduce new product lines.

7. Sell ​​obsolete technological material. It can be a good way to earn extra money if you have equipment that you no longer use and still in good condition. It is also a useful way to finance the purchase of new computer equipment.

8. Implements teleworking. If your company allows it, introduce labor flexibility and teleworking measures, even if it is progressive. Your employees will spend less on transportation and meals, will be able to better reconcile their family life, and will produce less energy and material expenses in the company.

9. Analyze the bank fees you are currently paying and try to renegotiate the current conditions or even change banks if you see fit.

10. Analyze current marketing expenses. Have they achieved an adequate return on investment (ROIL)? Do you think you’ve been throwing money lately without getting results? Maybe it’s time to bet on other advertising channels. Digital and social media marketing has greatly reduced costs in that regard, and also allows measuring all results.

11.Free software. If possible, replace the current computer programs with which you are paying for free alternatives such as those of many free software programs, as long as the change is not going to have a negative impact on your productivity.

12. Invest in innovation. In the medium and long term, it is perhaps the best advice, even if it involves a short-term expense. Improving product quality, achieving greater motivation and productivity of employees, reducing production times and downtime of machines and employees are just some examples of improvements that are achieved with innovate

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