Water Well Journal
Issue link: http://read.dmtmag.com/i/715953
Leasing fees can be one of the biggest expenses small busi- nesses face. Review all expenses It's smart business, but it's often overlooked until tough economic times force you into it. Small cuts in ongoing ex- penses can add up to large savings over the long term. Review everything that isn't providing a return on your investment, cut back to the bare minimum, and completely eliminate any- thing extraneous. Cheaper perks You can often find a cheaper way to provide the same em- ployee perks. For instance, a $900 per year water cooler ex- pense can be replaced with a filtered water pitcher. From $900 to $30 is a significant savings, and if you can accomplish that sort of financial savvy in more than one area, you can turn your business into a lean, profit-generating machine. Lease equipment To avoid the big upfront costs you'd face when purchasing equipment, think about a lease. You not only conserve your company's cash, but can save a substantial amount of money in repairs, upgrades, and maintenance since many lease agree- ments cover these expenses. Manage employee spending The misuse or abuse of company-issued credit cards occurs among employees at every level. By setting guidelines, acti- vating pre-set limits and alerts, and monitoring your monthly spending reports—you can save money and avoid a lot of costly mistakes. Become a landlord Do you have unused space in your building? If so, investi- gate the possibility of subletting the space. Sharing the rent or mortgage and not paying for unused space are two good reasons to discuss it with your landlord. Hire young When looking for seasonal or general office staff, look into hiring young people or working with a college for internship opportunities. College interns receive college credit while they work in your office or business, reducing your payroll and increasing your productivity. Word of mouth The best and least expensive form of advertisement is word of mouth. En- courage your customers to make refer- rals and include customer testimonials on your website. Virtual marketing newsletter Use the Internet to expand your advertising reach without expanding your budget. Company email newsletters can keep your customer base aware of new or discounted services. Your return on investment can be much higher than other forms of advertising. Networking Become involved in your community. By joining trade associates as well as interacting with your neighbors, you can sometimes do joint advertising ventures, learn the latest indus- try-specific news, or discover new customer opportunities From lowering your utility bills to negotiating for cheaper services, these ideas can reduce your expenditures without making your business look unprofessional. When thinking about making changes, always remember to look for ways to improve your business and optimize your staff's productivity. Once you have accomplished that, you will often find that your expenses decrease as well. WWJ Alexandra Walsh is the vice president of Association Vision, a Washington, D.C.–area communications company. She has extensive experience in management positions with a range of organizations. WWJ September 2016 53 Twitter @WaterWellJournl Get Business Tools in the NGWA Bookstore Head to the NGWA Online Bookstore at the website of the National Ground Water Association when you're looking for your next business tool to aid your business. You can find cost calculators, contracts, best suggested practices, and more. The calculators are for water well drilling, pump installation, and geothermal drilling. Visit the Online Bookstore at www.NGWA.org when it's time to get your next business tool. The Groundwater NGWA Association