Business conditions may be improving in the UK, but many organisations are still struggling to balance their books. This means it is vital that bosses find ways of minimising their expenditure.
For example, firms may benefit from reassessing their approach to buying printer cartridges. It is now possible to access superb value provisions quickly and easily over the web, but not all companies are making the most of this fact. Because many organisations use considerable quantities of printing supplies, this could be costing them a lot of money.
New research
Highlighting this issue, new research conducted by Wax Digital has indicated that UK enterprises overspent on provisions over the last two years. According to the firm, companies could save themselves potentially large sums of money by sourcing their goods more carefully. For example, a business producing a turnover of £100 million may stand to save £2 million a year simply by identifying and taking advantage of better deals.
Some of the biggest savings are to be found in the most common areas of business spending, Wax Digital suggested. It claimed that companies could knock 35 per cent off their stationery bills and 32 per cent off their office equipment costs, for instance.
Urgent review
Responding to the findings, the director of Wax Digital Daniel Ball said: “Our data clearly demonstrates just how big the savings opportunity is for many businesses, delivering lower costs and improved efficiency, control and audit without increasing supplier risk or reducing performance. We hope these organisations will make cost review an urgent New Year’s Resolution.”
Well worth it
Bosses may feel that they lack the time to conduct thorough analyses of their spending. However, evaluating costs can be hugely beneficial and it can lead to long-term savings. By reducing the amount of money they spend on provisions, companies stand to make themselves more competitive. They may be able to lower their prices or improve their products as a result.
Printing
A good place to start is printing. The costs of printer ink and other supplies can quickly mount up, particularly when firms produce a lot of documents. By making sure they are getting the best possible deals, managers stand to save themselves a tidy sum.
As well as using good value ink, paper and so on, bosses should think carefully about the sort of printers they purchase in the first place. For example, they must decide whether to opt for an ink jet version or a laser printer.
In some cases, it pays off to spend more money to begin with in order to make savings in the longer term.
If they are unsure which products to go for, managers can seek expert hints and tips online. There is plenty of information available in cyberspace that should help them to make their minds up.
By conducting thorough spending analyses and making sure they are not splashing cash unnecessarily, companies can significantly enhance their long-term prospects and they can make their day-to-day operations smoother and less stressful.
