When it comes to succeeding in business, Benjamin Franklin was right: a penny saved is a penny earned. The road to a healthy bottom line starts not with the money you earn, but with the money you never have to spend. Here are some easy ways to save a buck or two that you’re probably overlooking.
1. Strategic Sourcing
Everyone knows it’s cheaper to buy in bulk. That cost-cutting measure is employed by almost every company in the country, not to mention every family with a Costco membership. But while you probably already order departmental supplies in bulk, you might not have thought about joining forces across departments.
That’s where strategic sourcing comes in. By phasing out individual purchases and encouraging departments to buy together, you can get a lot more for your money. A recent study by Government Accountability Office found that some government agencies were spending 5 to 20 percent more than they needed to on individual purchases. (Which will shock anyone who’s never worked for the government, and elicit bored nods from anyone who has.)
2. Turn Your Trash Into Treasure
When the Powers That Be decide to redecorate the office, they often think in terms of how quickly they can get the old office furniture out the door. But what they don’t stop to consider is that those broken down chairs, desks, and cubicles could be refurbished and resold through a company like Arnolds Office Furniture. We buy entire office buildings worth of furniture and buff it back to like-new quality. Don’t assume your old stuff is beyond saving until you contact us. You could make a tidy little sum off of your unwanted equipment, which you can then put toward the remodeling of your offices.
3. Check Your Settings
This is so absurdly simple, and yet it’s one of the most common ways offices waste money. Make sure all your monitors are set to energy-saving mode and you won’t have to worry about footing a giant electric bill while folks aren’t even working at their desks.
4. Adopt Flex Time
This idea has the added benefit of making you look like the best boss ever. Letting your employees work at home on an occasional basis saves on electricity, and might even allow you to consolidate office space down the road. And since your workers will perceive it as a perk, you can buy a little goodwill even if the budget is too tight to give them the raises you’d like.