Insurance Services of Washington Blog
Reducing costs in a business is like breathing. It is something you will need to constantly do in order to maximize your profits. However, all cost cuts should not impede in the business you should be able to do. If cost cutting measures you do make it more difficult to work, then it might even cost more down the line. There is a fine balance in looking for cost cutting measures. Some cuts may seem small, but can still help when looking at the bigger picture. Here are some examples.
Take full advantage of social media
Almost everyone has a social media presence. It is a way for us to connect to almost everyone we know. This makes advertising and reaching your target audience much easier. You now have direct access to your clients. In the same way, they also have the same connection to you. This is a much cheaper alternative to advertise and communicate as compared to traditional means.
Use free meeting technology / programs
For some companies, they spend a lot on transportation, representation, and travel allowances. When possible, it is much more cost effective to utilize online meeting platforms like webinars and online conferences. Not only does it save money, but time as well as you no longer have travel time. You can avoid traffic jams and long trips and get right into the work that needs to be done.
Go virtual when possible
You may want to look into having your employees working from home from time to time. Some companies let employees work from home once a week. This helps lessen your utility bills like electricity and water. It can also lead into reducing your office space. This is especially useful for companies that do not require face-to-face interaction for their work.
This not only saves you on cost, but also helps save the environment. Use emails when possible instead of printing and sending physical letters. In effect, office supplies, mailing expenses, stamps, and other related expenses are reduced or avoided all together.
Buying in bulk
If there is a specific resource that your company burns through heavily, you may consider purchasing that item in bulk. The large volume of purchase will entitle you to a discount that will lower your total cost. However, this is a balancing act as well. Make sure you have enough space to house it and you are able to consume the resource before they are unuseable.
At Insurance Services of Washington Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (425) 868-1123. Get your free quote today by CLICKING HERE.