Lower Your Operating Costs in 2019

One of the best resolutions you can make for the new year is finding ways to reduce your costs — which increases your profits

Lower Your Operating Costs in 2019

You’re probably familiar with the old maxim: A penny saved is a penny earned. For small-business owners, those are words to live by. Anything you can do to save money — to reduce the cost of keeping your team up and running — ultimately makes your company that much more profitable. So, as you consider resolutions to run an even more successful company in 2019, one place to begin is cost cutting.

Slashing operational expenses isn’t always easy, yet there are a number of places you can look for savings opportunities. Here are just a few examples. 

Reduce staffing costs

Payroll tends to be a major expense; so one way you can cut operating costs is to keep your payroll under control.

Consider outsourcing. Paying a virtual contractor to do simple and repeatable tasks — like billing, documentation, bookkeeping, payroll, etc. — can be a lot more cost-effective than paying a full-time salary and benefits.

Curb office expenses

In addition to your team, another big source of operating expense comes in your actual office building. 

It will take some work, but it may ultimately be worth it to investigate new locations in town — potentially finding lower rent or even moving into a slightly smaller building.

And if you don’t want to move, there may be ways to buffer some of your overhead costs in other ways. For example, investing in a smart thermostat can lead to monthly utility savings; and after a while, those savings can really add up.

Of course, there are other ways to keep energy expenses down, such as investing in double-pane windows, tightening the seals around windows and doors, etc.

Cut supply costs

There are a number of ways in which you can cut down your supply costs.

For instance, a lot of contracting companies end up paying an arm and a leg for paper supplies — so why not go paperless with your invoicing? There are a number of easy-to-implement paperless invoicing programs you can choose from.

It’s always a good idea to routinely review your supply contracts and potentially renegotiate vendor agreements. Don’t be afraid to contact a longtime supplier and let them know you are considering your options; ask them if they can offer even a small discount to help maintain your business. You’d be surprised at how often this works out.

Trim marketing costs

You have to spend money to make money, and doing away with your marketing budget is really a nonstarter. 

With that said, there are always opportunities to refocus your budget on the marketing channels that make the most sense for your company. Some of the areas to focus on include a good, SEO-friendly website; local directory citations (which are often free); email marketing; and potentially some activity on Facebook and/or Twitter.

These are just some examples of things you can do to keep your business up and running as inexpensively as possible. Resolve to find a few good cost-cutting solutions for your company in 2019.

About the Author 
Amanda E. Clark is the president and editor-in-chief of Grammar Chic, a full-service professional writing company. She is a published ghostwriter and editor, and she's currently under contract with literary agencies in Malibu, California and Dublin. Since founding Grammar Chic in 2008, Clark, along with her team of skilled professional writers, has offered expertise to clients in the creative, business and academic fields. The company accepts a wide range of projects; often engages in content and social media marketing; and drafts resumes, press releases, web content, marketing materials and ghostwritten creative pieces. Contact Clark at www.grammarchic.net.


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