It's hard to think "spring" and not think "spring cleaning." But how can you clean up your business and give it new life? Start by cleaning up your expenses.
Everyone focuses on expenses in tough--and even not-so-tough--times. But often we overlook possibilities for cutting costs simply because we assume a "necessary" expense really is necessary. We look at cutting back on promotions instead of the smaller, less visible (and less profitable) expenses. This week, see if you can put more green back in your bottom line by examining these not-so-essential expenses:
· Print Subscriptions. While it's important to monitor industry news and events, take a look at your publication subscriptions. How many different publications does your company subscribe to? Are they all read? Could your in-house readers get the information they need out of the publications from the publications' websites? Talk to the recipients. If you can get away with fewer copies of the same subscription or fewer different subscriptions, do it.
· Online Subscriptions. Many of us subscribe to online services--including databases and research services. But how many people access that service on a regular basis? Poll your employees. Get a realistic idea of how often each service is used. If the answer is infrequently or rarely, cut your losses and the expense.
· Memberships. Staying connected with other members of the industry keeps your employees up-to-date on important issues and changes , but if you're paying membership fees for employees who don't attend meetings, don't take advantage of training or networking opportunities, or don't benefit in any other way from the membership, cross those fees off your expense list.
Making even small changes can have a significant impact on your profitability, especially if the "deadwood" has been accumulating for some time.
Do you have a better suggestion to offer or a challenge you'd like help with? Say it here. Your comments are always welcome.
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