If you want to protect your small business’ bottom line read on, as this week Axis for Business reveals five ways to save money on office supplies.
The Bread and Butter of Any Business
As an independent provider of energy and telecoms services to SMEs across the UK, Axis for Business knows that with a limited flow of capital, small businesses are always looking to keep costs down.
One area where you can reduce costs is office supplies. The bread and butter of any business, you need office supplies to carry out the everyday tasks that your company’s profit margins depend on. That doesn’t mean you need to pay top dollar on them.
Reduce the Cost of Office Supplies with These Five Tips
By using the following five tips, you could reduce the cost of office supplies and protect your company’s bottom line…
- Shop Around: An old money saving staple rears its head once more. By shopping around and doing your research, you can find the cheapest providers available and secure office supplies without depleting your profit margins.
- Deduct it from Your Tax: As we’ve mentioned before, many general office and stationary costs i.e. stationery, printer cartridges etc. count as allowable expenses. Therefore, if you are self-employed you can deduct them from your taxable income and trim the cost of office supplies.
- Cater to Your Needs: Do you really need a truckload of pens? No, you don’t. Conduct a survey and see what your employees actually need, so you don’t buy excess and spend more on office supplies than is absolutely necessary.
- Buy in Bulk: If you time it just right, you can buy office supplies in bulk and save money. Office supply chains like Staples for example, have offers on around late August for the back to school period. Therefore, if you buy your office supplies in bulk when all the back to school offers are on, you can pay less and reduce the impact of the cost of office supplies on your bottom line!
- Incentivise Your Employees: You can find a great bargain on office supplies, but if your employees proceed to waste them you’ll still lose money. Start an incentive scheme and give your employees a reason to use office supplies efficiently; that way your hard earned capital doesn’t get flushed down the drain.
Too Precarious to Neglect
As a small business, your company’s bottom line is too precarious to neglect. Don’t underestimate what the cost of office supplies can do to your profit margins. Shave the cost and provide your venture with the capital it needs to grow.