Every dollar counts when it comes to your business, so how can you cut overhead expenses? Your funds can really become consumed in administrative expenses, and not all of them are necessary.
Finding ways to cut costs here and there will really add up. Look at areas where you are not only wasting money, but areas where you have time-wasting taking place that could save you money. Here is a look at the places to look for administrative overhead expenses to eliminate or cut back.
Go Green in your Office
It may help to go green at your office. Reduce waste and encourage reusing items when possible. Save on paper by going electronic, use emails rather than printing memos and sign your documents electronically. Store documents online and take notes on a white board. Rather than using paper plates and cups in the break room, get reusable ones.
There is a lot of time wasted throughout the day on inefficient communication. Rather than having unnecessary meetings and instant message conversations, pick up the phone or have a quick face-to-face meeting to convey your message. It will be easier than trying to read through an email thread or trying to get someone to read an instant message.
The other issue you may be running into is too many meetings. Meetings can be a great way to convey your message to a group of people quickly and effectively, but if you have them too often, you may lose productivity in your office.
Eliminate meetings that aren’t vital or eliminate how many staff members are present for the meetings. Lower them to once a week rather than daily, and replace the extra meetings with group emails. If you need a one-on-one, consider scheduling it during the lunch hour.
Hire Smart and Reward
Make sure you are making good hiring decisions. If possible, hire people with a variety of skills and strengths that can be brought to the table. Well-rounded employees help you to decrease the need to hire too many people. When you find a great employee with multiple strengths, keep them around by having a reward system in place.
Sometimes a cash incentive, offering extra time off, bagels and donuts once a week or an unlimited supply of soda can be a simple way to keep your staff happy and productive. Consider nice holiday parties and casual Fridays to keep the mood up with your staff, which will make them work harder to fill the position they feel lucky to have with your company.
Evaluate and Negotiate
It’s important to evaluate if you’re using too large of an office space for the amount of staff or workload you have. Sometimes you could be doing the same thing you’re doing from home and saving money. In other cases, you could have less full-time staffed employees.
Evaluate your needs by looking around and seeing what changes you could make. Be sure to negotiate on anything you need in the future from suppliers to vendors. Lastly, hire people that can do a job for you faster than you could handle, like an accountant for your taxes or a receptionist to answer your phones. This frees up time for you to focus on more important tasks.
Consider these tips when trying to cut down on overhead administrative expenses.