Spending less in your business – Part 1

Ways to save money on technology, equipment and office supplies

Many small businesses look for ways to spend less on office equipment and technology and supplies without compromising value. Here are a couple of questions that I get asked over and over again:

Q.  How do I save money on office equipment and technology?

A.  Since technology changes rapidly, it’s important to factor in the shelf life of the equipment to determine whether it’s better to rent or lease, especially with larger, more expensive equipment. Getting to know your supplier will benefit you because the better they know you the better they will take care of you. Don’t be swayed by the ‘newest’ technology. Just because it’s new doesn’t mean that it’s best for your business. Only upgrade when you really need to.

Q.  What are some strategies for buying office supplies?

A.  First, only purchase what you really need. Since office supplies are easy to come by it doesn’t make sense to have a large inventory on hand. Develop an inventory system so you don’t run out. Second, many office supply stores have loyalty programs and offer its members special discounts. Try to buy the things you use over and over again when they are on sale. This takes discipline, but will save you money in the long run. Third, always buy store brands since they are usually less expensive than national brands and the quality is comparable.

–Barney Cohen

President, Business 360 Northwest

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