Tips, Insights & Tactics Easy, effective cost-saving ideas. Value is the right combination of quality and price. Whether you’re a business owner or an employee, when you seek value in everything you do, you’ll nearly always be in sync with your company’s key priorities. Choose from these cost-savings ideas to get started. Operations • Share your cost-saving goals with your suppliers and ask for their help. Challenge each supplier to provide three ideas to reduce costs, then use them all, or the best of the lot. • Tap local business associations and professional organizations for partnership opportunities, preferential insurance rates, special pricing for members and other cost-saving benefits. Get involved and initiate discounts with new suppliers in exchange for access to associations’ memberships. • Use purchasing cards instead of petty cash for small purchases. They’ll help you track and control all your expenditures. • Consider trading services or merchandise, like excess inventory, with your suppliers to reduce cash outlay. • Stick to a three-quote policy on large purchases. Implement annual reviews—including pricing—with key suppliers. • Pay invoices when due to avoid penalty fees. Negotiate discounts for early payment of invoices, then use them when your cash flow accommodates. • Create an emergency plan with a business partner across town. If disaster strikes, each partner agrees to provide temporary space for the other to keep the business up and running during recovery mode. Temporary Staffing • Temporary or part-time workers are a great way to staff temporary workload fluctuations, particularly for work best done on-site. However, be aware the more complex the job, the more training will be required. • For more extreme workload peaks consider hiring a specialty agency that can handle work on a project-by-project basis. Tips, Insights & Tactics Easy, effective cost-saving ideas. Energy Personal • When purchasing new equipment or systems buy only ENERGY STAR® qualified products. • Consider commute options —carpool, bus, bike or work from home one day a week, to cut transportation costs. • Purchase an annual maintenance contract for your heating, ventilating and cooling system —one that includes new filters as recommended by the manufacturer—to ensure energy efficiency. • Pack your lunch or eat in. • Turn off equipment or set it for sleep mode when not in use. Some electronics include an intelligent-ready feature that “learns” use routines to automatically enter sleep mode during periods of downtime. • Replace incandescent bulbs with compact fluorescent bulbs that save energy and last considerably longer. • Install light switches with occupancy sensors in appropriate areas like conference rooms. • AC power adapters draw power continuously. Plug them into power strips you can turn off when electronics are not in use. • Use rechargeable batteries instead of disposables. • Print cards, calendars, invitations, etc. as needed on your desktop printer, instead of driving to a store. • Drink regular coffee or tea that you brew yourself instead of buying specialty coffee shop drinks. • Use employee discount programs, if available, through your company. • Start a 401K plan or an IRA account to save on your annual income tax. Match your savings to your spending on non-essentials and luxury items. Related Tips • Take control of hidden costs at the office • Cost-saving business travel tips Marketing and Promotion • 10 cost-saving marketing tips • Whether you send invoices or statements via email or postal mail, add coupons or promotional flyers with a specific call to action, so you can measure results. xerox.com/tips • Consider cost-sharing your next marketing campaign with a complementary or neighboring business. Your combined strength could lift response. • Leverage your existing customers to reduce the cost of lead generation. Start a referral program. Feature your best customers in case studies and/or customer testimonials. • For low-cost video promotion, consider use of a cable access television studio to create and air an infomercial about your products and services, then repurpose it for use in social media. • Leverage your in-house expertise, instead of hiring outside speakers, to generate interest in your business through presentations, workshops and articles in print or online. • Test market new products to gauge interest through eCommerce sites like eBay. • Combine direct mail campaigns with partners to qualify for bulk postage rates. Related Templates • Direct mailers • Greeting cards • Trifold brochures xerox.com/templates Tips, Insights & Tactics Easy, effective cost-saving ideas. 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