No-one is immune to the notion of cost cutting – in my experience we all love a bargain…boy did I get a bargain at Myer on Saturday…but I digress!
Whether it’s your household budget or in the context of running a business, at some point most of us have reviewed our circumstances to cut costs.
The following 5 tips may be useful in many businesses, depending on their nature (and some can be used for personal cost cutting too)…I warn you that there will be some effort required on your part! But if you are prepared to do a little work, you will no doubt be rewarded with the benefit of lower costs:
- Review your telephone and internet bills and discuss your options with your provider (and compare with other providers also). More often than not we are creatures of habit and simply pay these types of bills as they come in each month without realising there can be significant savings such as “less talk, more text” and group plans for business.
- Similarly, review your utilities providers (gas and electricity) – it is sometimes possible to combine these with the same provider and receive generous discounts for prompt payment, just keep an eye on the individual rates.
- Discuss options with suppliers for an early payment discount (your suppliers love being paid by you as much as you enjoy being paid by your customers!).
- Consider purchasing non-perishable consumables in bulk to take advantage of lower unit prices.
- Investigate the benefits of entering into a fuel card arrangement – while limiting your purchases to certain fuel outlets, they often come with a discount attached.
I hope that you can use some of these tips – does anyone have others they’d like to share?
Regards
