As I begin to look at restructuring my company, one thing I’m considering is how to cut back on costs.
This happens each year as I go through end of the year credit card statements. I start tallying up how much money I spend on supplies, my cell phone, and other items and the higher the number goes the further my belly drops!
Let’s just say I probably didn’t need to get that much stuff at Staples, even if it did seem like I needed it at the time. Perhaps the ink, yes, but the additional storage folders? Can’t I just put everything in a drawer? (Okay, no, I can’t, because then it will be disorganized – but still!)
So today’s post is to remind you of this: Sometimes you don’t have to buy everything, sign up for everything, or subscribe to everything in order to make the business successful.
Take a look at your following items and find out if you are spending too much money on them.
- Cell phone. I have a fairly expensive plan because mine includes going online with the phone. Do I have to have this? That depends. It does help to be able to check email when I am away from the office; but I may not need full Internet access. I mean, how often do I really have to go to a website and make changes/edits when on the road? Never.
- Supplies. I believe this year i will be budgeting for supplies such as paper and ink rather than picking up things here and there when I feel I may need them. Last year, and the previous years, I did not have a supply budget. After five years, though, I can go back into my records, determine how much I spent on the necessities like paper and ink, and figure out how much I really might need to spend this year. Thankfully most of my large supplies like the computer and programs are all purchased, and the only one I want to upgrade is just that – a desire, not a need at this point.
- Extras. These might include giveaway items and magazine subscriptions – things you are either giving to clients or you are holding onto for your own research. I tend to subscribe to magazines in order to get topic information and do research, but the face of the matter is, I could run out to the bookstore or library once a month and take a look at a few of these for free. Yes I can write them off at the end of the year, but do I need to spend the money up front? I know of two magazines that really do benefit my company each month – the others I could probably peruse occasionally rather than monthly.
So as I begin to reconstruct I am going to begin looking at ways to cut costs. What costs might you be able to cut in business?