5 Ideas To Cut Costs At The Office

How can you make your budget work harder—especially during times when revenue is down? Our tips can help you identify savings opportunities and improve your cash flow.

1. Leverage your buying power

Keep an eye on contracts, leases, and agreements with your suppliers and vendors. Whether the market is strong or weak, leverage your company’s strengths to keep your costs competitive.

2. Give yourself options

Keep your current suppliers competitive by inviting new ones to bid. Get at least three bids on new work. It’ll keep your current suppliers attentive and uncover new opportunities you may not have considered.

3. Use it or lose it

Don’t collect old or worn out equipment, furniture, or supplies. For example, an old photocopier can cost more to maintain because it uses toners and electricity in a less efficient way. Sell it, trade-in, recycle, or dispose of it, depending on its condition.

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4. Maximize profitability

Keep tabs on your competition and the marketplace. You want your pricing to be competitive—neither too far above or below the market. Use sales or coupons to make temporary price reductions for a specific period, to combat short-term market adjustments.

5. Speed payments

To improve your cash flow, reduce the time it takes to collect payments due. Options to explore: adjust terms, require a deposit, ask for prepayment, charge late fees, and follow-up quickly on past due invoices.

Consider an incentive for early payment. Leverage your customers’ fiscal years and help them spend year-end budgets. Add color to your invoices
to speed response by up to 30%. Use it to highlight the due date or early payment incentives.

For more information on how we can help you remodel your workplace to raise productivity at work, drop us a note at http://www.fujixerox.com.sg/contact/online-forms/request-pricing.

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