Reduce Overhead With These Cost-Savings Tips

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   There are a lot of expenses that businesses have to worry about. From employee salaries to upkeep of offices to purchasing software, it can often be difficult to cut costs where it is needed. There are a lot of ways businesses can save money in this economy, and the options are often very simple. Here’s a few tips to save money as a business:

Split Advertising Costs with Neighboring Businesses

Teaming up with other businesses allows for costs to be split and can offer more variety in advertising. Promote sidewalk sales or even split mailing lists. Either way, it saves money and still gets the job done.

Get Free Software

Many alternate forms of familiar software offer the same benefits. The operation mechanics will remain similar but the business won’t have to shell out hundreds (or even thousands) of dollars for software. If there is difficulty in choosing a free software, it is also a good idea to check out manufacturing websites, as most software offers free trail periods that can help refine a search.

Use Accounts Payable Automation

This reduces invoice handling costs, is easy to use, and helps get rid of paper costs as well. The process is streamlined and comes in a variety of packages depending on the size of the company. It also allows businesses to follow the movement of cash in the company and around the world

Use the Internet

This involves not only having a website, but online advertisements, and even chatting online. Chatting in forums may not seem like a business venture, but it works very well. By including a URL for the company website in your signature, it lets a lot of people see the website and generates interest.

Hopefully these tips will help businesses cut costs and come out on top, despite the difficult financial situations that the Country is in.

2017-05-23T11:36:49-06:00 October 6th, 2013|

About the Author:

The Wayne Brown Institute was founded by the late Dr. Wayne Brown in 1983. Dr. Brown held positions in mechanical engineering and served as Dean of the College of Engineering at the University of Utah. In addition to his academic postings, he was a founder of Kenway Engineering (HK Systems), TerraTek, NPI (Agridyne Technologies), the Utah Innovation Center (the world’s first venture accelerator/incubator) and Utah Ventures (now Pelion Partners, Utah’s first and largest venture fund). By virtue of his academic, government, and business background, Dr. Brown was a leading authority in technological innovation and entrepreneurship. Many of the world’s science/research parks, innovation centers, and incubators have their roots with Dr. Brown. In addition to his many accomplishments, he has affected the role of government in innovation and entrepreneurship as the architect with Roland Tibbitts of the national Small Business Innovation Research (SBIR) program. Later, as head of the State’s Science Council he spearheaded legislation to create the Utah Technology Finance Corporation (UTFC, now Innoventures), and Utah’s Centers of Excellence program. He successfully negotiated with the U. S. government to obtain military land for the establishment of the University of Utah’s Research Park, and key in the establishment of the USU Research Park and Timpanogos technology Park in Orem (Novell campus). His knowledge, experience and passion live on in the Wayne Brown Institute, its staff, its investor-led Board, and its countless supporters.