Monday, 31 August 2009

5 tips to reducing business costs in an Economic Downturn

Even though the economic downturn in the UK appears to be slowing, there may still be challenging times ahead and most businesses will continue to look at ways they can reduce their outgoings.

How can businesses save money?

1. Be green! Green measures like using email wherever appropriate rather than post, switching off lights and PC's when they are not in use and switching off heating overnight in empty buildings aren't going to bring massive cost savings but in these times, every little bit helps. Look at your utility bills for energy and water, raw materials and supplies and look for ways to make savings here too.

2. Market yourself in a more cost effective manner. Utilise e-marketing techniques for newsletters, email campaigns, customer discounts and referral schemes. This saves money on postage but also printing costs, envelopes and delivery of materials. Look at your costs for offline advertising. Can savings be made here?

3. What are you paying for products and services? Can you negotiate any discounts? Build relationships and suppliers may be happy to help, for example, use a regular printer and they may be willing to look at producing different quantities for a lower price, or adding you to an existing print run, which will reduce costs.

4. Look at new technology. Find out what technology options could save you money, MindGenius use VoIP for our telephone lines which means you can make calls over the internet instead of normal phone lines and is fairly straightforward to set up.

5. Eliminate unnecessary costs. One way to do this is to reduce business costs for unnecessary travel and accommodation. MindGenius, when used in conjunction with a service such as Webex or Net Viewer allows you to undertake online meetings with customers or colleagues in far-flung destinations without leaving your desk. While you do have to invest in the Net Viewer or Webex package, if you are a company that relies on international business, and undertakes several business trips a month, you should find the cost savings more than compensate for this initial investment.

All of these measures could add up to save your organisation money. Can you afford not to try them?

Or, have you utilised any other innovative ways to save your business money?


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