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Asked a question 3 years ago

How to lower Miscellaneous expenses in business?

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To reduce misc expenses it's important to take a considerate and methodical approach. We can't completely cut off such expenses but we can certainly lower them. Some ways are - 

Eliminate unessential things - 

 Look for the things that can be easily eliminated without any negative effect on smooth operations of business. Control regular office expenses like copying, supplies and phone usage. Monitor and control personal use of these cost centers and you will save significantly over the long run.

Reduce Transportation cost-

A good amount of money can be saved by lowering the transportation cost of materials, equipments, so on. For this, one can relocate the office near the main hub or affordable area. Relocation also involves some expenses but it is just one time investment. By doing so, transportation cost can be reduced which ultimately saves money for other things. 

Review purchasing practices –

One should regularly analyse the purchases to identify any economies you can achieve. One must prefer to buy wholesale or direct from the manufacturer, or purchase equipment and furnishings from resale vendors.

Turn unused office space into a co-working space  -

If your office has a space which is not being used, such place can be used for other useful purposes. This space can be used to create other small products which can complement the main products.

Save energy expenditures -

Electricity results into great expenses. But luckily, this can be overcome by “going green” such as solar panel can be installed instead of using conventional energy sources. One can invest in energy-efficient lighting. Smart lighting can be used which would turn ON lights only when someone is present, otherwise it would keep lights off.