Monitor Expenses to Find Ongoing Savings

August 19, 2020

Now more than ever, every dollar counts – especially for small businesses. Most businesses take stock of their expenses at the end of each year and implement a few changes based on their findings. However, small businesses can benefit by auditing spending habits more frequently to find ways to save.

  • Subscriptions services – Online services are useful for everything from holding online meetings and sending emails to designing work and creating videos. Every quarter, do a quick survey of employees to identify the services being used. Consolidate individual subscriptions and reevaluate office-wide programs if no one is using them.
  • Employee benefits – Employee benefits are important to keep your team engaged and set your business apart for candidates. But it’s important to continually evaluate which benefits your employee’s value, and actually use. If your company provides a free gym membership for every employee, but only some of the employees utilize the membership, consider finding a different perk that has more wide-reaching impact.
  • Office supplies – Ordering office supplies is often done by habit, simply repeating orders month-to-month. Take a few minutes to look deeper at your orders. Talk with employees to see what they really use on a daily basis, and cross reference that with your order and inventory. Next, compare prices or ask your current vendor if they can offer recommendations on the supplies you need. Make sure you’re investing in supplies that will keep your workday moving efficiently – like high-quality Boise Paper products, which have a 99.99% Jam-Free Performance Guarantee to keep your printer running smoothly.

While these adjustments may sound minor, they can make all of the difference in overall annual costs for a small business.

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