Originally appeared on Xerox Small Business Solutions.
By Rieva Lesonsky
Whether times are good or bad, minimizing expenses in your business is always a smart idea. Here are 16 ways to cut costs in your business for 2017.
- Use less paper. Ask employees to print on both sides of paper whenever possible. Xerox printers offer duplex (two-sided) printing by default, so employees can use less paper without even thinking about it.
- Restrict color printing. Color printing gobbles up ink. Ensure employees use color only when necessary by choosing Xerox printers that let you set permissions and restrict color printing to specific documents, departments or employees.
- Save on office supplies. Centralize office supply ordering, making one person responsible for all orders. You’ll eliminate duplicate orders and be able to buy more in bulk at discount prices. Join store loyalty programs for lower prices and rewards. Choose smart products like Xerox printers: You can set them to automatically notify you via email when their toner is running low, so you order only when necessary.
- Review your credit card statements Instead of paying them without a glance, look for hidden expenses such as subscriptions to magazines you no longer read or memberships in organizations you no longer attend. These often renew automatically, and frequently go unnoticed. While you’re at it, shop around for credit cards with lower interest rates or better rewards.
Money is hiding in plain sight. How to find more returns for your business.
- Manage print workflows more efficiently. Xerox multifunction printers can save documents automatically to the right folders and locations, so your employees don’t have to do it manually. Xerox printers using ConnectKey technology let you scan and print documents directly to and from cloud storage apps like Microsoft 365 and Dropbox.
- Avoid unnecessary printing. Almost half of printed pages are discarded and 20 percent never even get picked up. Eliminate waste with multifunction Xerox printers that don’t print until the user goes to the printer and validates the print job with a PIN code.
- Barter with other businesses. Save cash while still getting the products and services you need by bartering with other small businesses. For instance, a website design business could design an attorney’s website in return for legal services. Remember, you are still responsible for any taxes due.
- Negotiate with suppliers. You may get better prices for paying your invoices early, paying in cash or buying in bulk—it never hurts to ask.
Take your budget further in 2017 with these easy to follow tips.
- Go virtual. Cut back on business trips to visit clients and replace them with videoconferencing. You’ll help your budget, the environment and your sanity.
- Invest in more efficient office equipment. You’ll save money in the long run by purchasing more efficient or energy-saving equipment. Try these tips to find what you need at affordable prices:
- Look for rebates and trade-ins. Xerox offers rebates on printers, including a wide range of color, black-and-white and multifunction models. You can shop online or find a retail location near you.
- Buy used office equipment. Technology changes fast nowadays, and last year’s “gently used” model may suit your needs just as well as this year’s more expensive one. Xerox refurbished printers and multifunction printers have been rebuilt to meet original factory specifications, are fully tested by qualified Xerox technicians and come with a 90-day factory warranty.
- Sign up for manufacturers’ emails. Get Xerox’s email newsletter and you’ll always get alerts about sales, promotions and the latest office equipment to help your business grow.
- Review your business insurance. Don’t just automatically re-up every year. Talk to your insurance agent annually to make sure you’re covered without paying more than you need to. An independent agent can check with different insurers to find the best rates.
- Print smart. Every business needs to print documents, but the cost of paper and ink can add up. Try these cost-saving ideas:
- Review employee benefits costs. Healthcare premiums rise every year, so compare different carriers at open enrollment time. You can also save money by asking employees to pay more of their premiums.