8 Ways to Save Your Company Money And Contribute to the Bottom-Line

value of your business

To make money, you must spend money. It’s the drive of supply and demand and an essential function of what makes a business successful.

Whether you work for a large or small company, cutting costs at the individual employee level helps contribute to the bottom line. All employees can generate helpful and innovative ideas toward eliminating outdated practices and policies to save money. Consider these tips for reducing organization expenses:

1. Cut Waste

Recall your four favorite eco-friendly “R” words: recycle, reduce, reuse and repurpose. When you squander valuable resources, you’re basically flushing company money down the toilet.

Start small with green office initiatives, such as conducting recordkeeping on the cloud. Learn how to copy documents on both sides. Why not take fax and copy cover sheets and make notepads out of them?

In what ways can you reduce waste at your desk or in your department? Are you willing to start a recycling program?

2. Open the Blinds

Does your office get full sun during the day? Cut off the overhead lights and open the blinds to enjoy the sunlight streaming through the window.

Opening the blinds also changes up the scenery by letting natural light in to rest weary eyes.

3. Don’t Leave Lights On

Don’t leave lights on in empty rooms, such as the break room or conference room. Reconsider lights used: 90 percent of incandescent lights give off heat energy and only 10 percent of light. You’ll save more turning off incandescents over halogen or fluorescent bulbs. In 2010, Cornell University encouraged students to turn off the lights when they learned they could save $60,000 from such a small energy hack.

Place lights on a timer or make them triggered by motion — this is especially helpful for lights outside the building at night.

4. Cut Indirect Spending

Typical indirect purchases include professional services, marketing services, HR, IT, travel, facilities, utilities, janitorial services, maintenance, repairs and office supplies, among others, that don’t need to be made regularly or in bulk. Like buying the “odd” coffee, indirect purchases add up. It’s easy to ignore or miss their impact on company costs.

Indirect spending may account for 15 to 27 percent of total revenues. Take manufacturers, for example, who may spend at least 20 percent on indirect expenses, and in general, indirect spending can stand for nearly 50 percent of a company’s total purchases.

Procurement professionals will help you find savings as you revisit supplier contracts if you’re the go-to employee for such processes. On the individual level, automate what you can and be cautious of overconsumption of supplies you don’t need.

5. Travel Less

Save your company time and money by not taking unnecessary trips. The internet allows you to show up on time everywhere. Invest in online resources to make conference calls or host meetings over video chat. Clients will appreciate not having to rush to meet you, and you’ll both save money at the same time.

6. Ask to Telecommute

Telecommuting is on the rise. In the last decade, the telecommuting workforce grew by 103 percent in the United States. In just two years, it’s estimated that 50 percent of professionals will telecommute or work on a flextime basis.

Any time you can spend in a different environment will improve your mood, raise productivity and save on the company energy bill. Technology allows an employer to monitor tasks from across town and see when you clock in and out, so they can rest assured the job’s still getting done. Telecommuting for even one day out of the week makes a difference.

7. Innovate Advertising Strategies

Innovation in advertising doesn’t have to come with a big sticker price. If the company struggles to cut costs in other areas to boost advertising, rethink that strategy and get creative with marketing.

Propose small advertising hacks to your supervisor, such as the tried-and-true ways of reaching customers by placing coupons in bags or including coupon codes in your company newsletter. Place advertisements on invoices to encourage existing clients to come back and continue saving.

8. Use Free Software

You feel frustrated when you can’t use the software you prefer in order to do your best professionally. Search for freeware and openware in place of expensive software, such as OpenOffice over Microsoft Office or GIMP over Photoshop. Many software manufacturers also offer free trial downloads where you can test drive the merchandise before you buy it.

From cutting waste to using free software, try out these eight tips to save your company money and contribute to the bottom line. If you come up with a great idea, it’ll look good for future promotions and work to your advantage on your resume during job searching. You’ll also give back to the environment, and doing good makes you feel good, too.

Sarah Landrum

After graduating from Penn State with degrees in Marketing and PR, Sarah moved to Harrisburg to start her career as a Digital Media Specialist and a writer. She later founded Punched Clocks, a site dedicated to helping young professionals navigate the work world and find happiness and success in their careers.

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