How to Cut Operating Costs for Your Book Business
Running a business is costly, and in an unreliable or unsettled economy, even the smallest increase in revenue can make a big difference, especially if you’re trying to squeeze every penny. On the plus side, cutting costs doesn’t have to mean overhauling your business practices or worse, letting go of employees. If you can step back and evaluate your operating costs, you will be able to find ways to improve your bottom line by finding efficiencies. Here are some ways you can save money for your business.
Reduce your supply expenses
You can save money on supplies for the office by reaching out to vendors and letting them know you’re comparing prices amongst their competitors. Turning to large discount suppliers instead of local or smaller vendors can help you save, as their prices are usually lower and have more wiggle room to match other vendors’ prices. Ordering in bulk is also a good way to save on supplies you know you will use, like reams of paper or notebooks for employees.
Cut your energy bills
Energy use is one of the leading costs for running a business, with electricity and heating covering a substantial portion of monthly operating expenses. You can take advantage of comparison websites to see if your rates are in line with the energy market rates on a whole. Visit this site to find competitive electricity quotes and ensure that you’re getting the lowest rate possible for your electricity bills. Once you’ve found the lowest rate, you can try contacting your current supplier to see if they can match that rate, and if not, you can switch to another supplier.
It’s also a good idea to revisit these comparison websites every so often, so you can keep an eye on the market rate and know that your rates aren’t creeping up without you realising. The business owners who spend the most money are usually the ones who aren’t paying close attention to their bills or finances, so eliminate that risk and stay on top of it.
Minimise your marketing spend
Although you probably won’t want to end any paid marketing campaigns that are working well for your business, there are ways to lessen your marketing spend. Lean marketing can work wonders for brand awareness and lead generation, as well as click-through rates for eCommerce. Bringing your advertising into the modern age can also reduce costs since everything is leveraged through social media.
Organic campaigns may not have the same reach as they used to even two years ago, but with good branding and a solid social media presence, you can drastically reduce advertising spends with quality organic content.
Utilise your employees’ skill sets
A lot of people entering the workforce have a wide range of skills, because the market demands it. Often, a person entering a marketing field will also have copywriting skills, graphic design experience, social media management know-how, and possibly a bit of web design or coding skills. Assess your current employees and their experiences and skill sets to see if you can give different responsibilities to those with matching skills and proficiencies. It’s common for employees in small businesses to have multiple responsibilities, but be aware of overworking your team. Unhappy or stressed employees are unproductive, so make sure they agree to the new tasks, and are able to meet expectations before assigning anything.