We all know the market is bad and budgets are tighter than ever, so I’ll spare you any depressing stats on the horrible state of our economy.
Instead of sulking over things we can’t control, why not focus on something more productive like getting a handle on how your company is spending money and finding ways to save on day-to-day operations.
A recent article on Entrepreneur.com profiled four smart companies who have refused to “call it quits” and have figured out ways to adapt their business practices without damaging the customer experience.
From toilet paper to free advertising, here’s how these four businesses are saving money and keeping spending down:
- The Gotham Comedy Club has gone green and found a 10 to 15 percent savings in doing so. As the market has evolved, the quality of green business products has improved and the cost has decreased. Their shift to e-marketing has also helped to cut costs.
- Spee-Dee Delivery Service almost instantly felt the sting of fuel cost spikes. They turned to education to train drivers on fuel consumption and how it helps the business cut costs. From shutting off engines whenever possible to monitoring drivers’ speed, has helped Spee-Dee to save thousands of dollars a year.
- Essential Excellence, a virtual assistance and design company, started feeling the effects of the economy long before it was officially a recession. Owner Cortni Marrazzo only shops for office supplies at stores that price match in order to pay the lowest price possible. Instead of meeting clients for lunch, she suggests meeting over coffee. They’re small changes, but have helped her small business save a significant amount of money.
- Pam Funk, owner of Fir Street Gallery & Gifts, started spending more time working in the store and scheduling the maximum staff during projected busy times. She replaced many of the light bulbs in her store with energy-efficient light bulbs and scheduled when lighting was needed during the day with a timer. By using shades in the summer and natural lighting in the winter to regulate the temperature inside the store, she has reduced her electric bill by 32 percent. She also focused her direct mail efforts on high-frequency customers and increased subscriptions to her email list.
Read the full article here.
Instead of complaining, use these tough times to reevaluate your spending and find new ways to cut costs. It amy take a few extra minutes to consider a cheaper alternative to what you’re already spending on, but the savings will help your business thrive.