In our experience, the economy is improving for businesses. Profits are up and companies are hiring. Even with the increase in profits, businesses need to keep control of costs.
Our office has compiled a list of effective cost cutting ideas to assist the business owner.
- Utility expenses are something that reduces bottom line profits. Some ways to save would include switching to energy saving light bulbs. The initial cost of the more expensive bulbs even out over the life of their use and lower electrical consumption.
- Turning off the lights when leaving a room is another way to conserve energy. Motion detectors attached to light switches are becoming more popular and are effective in lowering costs. You may have notice that many grocery stores are using them in the freezer cabinets to turn on the lights only when someone walks down the aisle. These detectors can also be purchased for escalators, setting them in motion when they are approached.
- Another thief of your hard earned money is energy vampires. Any piece of equipment that has a standby mode, for example computers and copiers, are, if left on, sucking energy. One way to eliminate this drain is to unplug the equipment when not in use or plugging them into a power strip with an on off switch.
These tips will assist you in saving on utility costs and the savings will flow to the bottom line.
Please watch for Money Saving Tips for Businesses: Part 2 next week.
Co-written by Jan Fowler and Greg Colvin of Acquisitions Unlimited, Inc., a Tampa brokerage/M&A firm that markets and sells existing businesses.