Ever think to yourself: The first of the year marks the end of this bloat? And mean your business budget? If you think you’ve overindulged and need to get your budget back under control, here are a few of our favorite places to look to find ways to cut expenses while improving your company’s efficiency.
1. Look at those mailing lists. If your holiday cards were returned or your target list hasn’t been refreshed, take a close look. At the per-piece rate to mail, you could cut your budget by eliminating old contacts while maintaining your sales results.
2. Contact technology cell phone and internet providers and ask to review your terms and renegotiate your current rates. Review cell phone, internet, email and website providers.
3. Look at space. If you are happy with your current location and still have 2-3 years on the lease, consider renewing the lease early but at a new rate. Ask for a reduction in utility rates, community access fees (landscaping, snow plowing) or other service fees that may be added to your base lease rate. Some landlords will be happy to have you stay put for 7 years in return for a reduced rate. Otherwise, begin looking for another location. If you have too much space, consider subleasing space to get a return. Even if it is not the same as your current rental rate, some income is better than nothing.
4. Review your software needs. Can you move to using more freeware? Can you dump expensive servers and move to a pay per month model with backup and memory in the cloud? Are you really going to pay for Windows 8?
5. Review your advertising and see how you can piggyback on other people’s. Combine your mailing with others to create a larger mailing list AND a lower cost per piece. That will stretch your budget and raise awareness.