50 Ways To Cut Costs And Increase Profits
...... discounts on time.
30. Use refillable cartridges for photocopiers or laser printers.
31. Purge old files into cardboard storage boxes to free up space.
32. Review heating methods used to determine if conversion to other fuels, different furnaces or suppliers would reduce costs.
33. Review the effectiveness of advertisement in newspapers, trade magazines or monthly mailers. Is there a more effective, less costly means to reach your market?
34. Eliminate bank account that are no longer necessary.
35. Get your accounting up to date for tax planning for both company and owners.
36. Ensure all withholding taxes for employees are paid on time.
37. Review Workers Compensation rates. Be sure that adjustments are handled promptly to provide credits.
38. Schedule regular maintenance on key vehicles, computers or other productivity enhancements to avoid expensive down time.
39. Consider installing a telephone answering machine rather than an answering service.
40. Inquire into government funding for training.
41. Review accounts payable for large debit balances. Use the credit or request refund.
42. Review vehicle usage for the next six months. For idle vehicles, investigate not renewing licenses and redefining insurance coverage.
43. Review vehicle insurance policies and drivers' records. If high risk individuals are no longer driving, is a reduction in premium possible?
44. Review inventory. Is it possible to use old stock that has been forgotten?
45. Reduce rent and overhead by sharing space and facilities with a complementary business.
46. Review mailing lists and remove customers that have not placed orders in the last 2 years or have moved outside your area of service.
47. Plan service calls and drop in visits to customers to correspond with other visits.
48. Combine small shipments/orders to take advantage of lower freight rates.
49. On out of town projects, consider staying at non franchised hotels/motels. More than likely the rates will be lower than the corporate rate at major chains.
50. Make production personnel responsible for quality control and routine maintenance.
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