These days, everybody could use a little help saving money-whether it’s $500 on telephone bills or $5,000 on payroll. But every business owner approaches the issue of cost control a bit differently. Some bring in outside consultants to sift through their expenses and conduct reviews; others attempt to make the most of their own in-house expertise.

Turn on the TV and all we see are advertisements for savings – on cars, dishwashers, toys, insurance, food, travel and just about anything you can think of. What does this tell you – everyone is looking to save money, but all of these savings pertain to your personal life and I’m sure you’ve taken advantage of some if not most of them.

So, our questions to you is – What are you doing about saving money in your business life and your clients? Where can you save, What can you save and How much can you save?

Equipment Insurance

If you register equipment with your insurance broker it can be put on your current insurance policy. In order to avoid doubling your insurance coverage on the equipment, request a Certificate of Insurance (COI) from your insurance broker, and submit it to the equipment leasing company. Most leasing company have a line item as Ins. or Insur., but Pitney Bowes lists their insurance as ValueMax.

Office Supplies

Use generic versus brand names whenever possible. Many brand name suppliers also make a generic version of their product, so you won’t sacrifice quality. For example, if you substitute 3M’s Highland self-stick notes for brand name Post-It® notes, you save more than 50 percent per unit.

Messenger Service

Most companies in big cities use messenger services, which add up to be a major annual expense. To soften the blow, determine where the packages are being delivered. Then, negotiate a broader delivery range and pay a fixed price. One way to do this is to negotiate a flat rate for deliveries River-to-River and the Battery to 96th or 125th Sts. You may pay a slightly higher rate for some deliveries, but overall it will definitely reduce costs.

Printing

If you know your letterhead text will stay the same for a six-month period, print in bulk. It saves both money and time. And, don’t worry about storage — most printers will store the inventory and ship at no additional cost. If your printer won’t, negotiate storage and shipping into the overall price of the print job.

Maintenance Agreements

Many companies pay anywhere from $3,000 to $40,000 per year for service contracts when it might be more cost-efficient to simply pay for time and materials — even as much as $175 per hour — if repairs are necessary. Some service contracts are advisable, but be cautious.

For example, most copier dealers can offer a 90 warranty from the manufacturer, but you will only get it if you ask for it. This is why you should not include the maintenance with you lease. Request a separate proposal from the dealer for the maintenance.

Contact us for more information.