business cost control tipsHere are 20 practical tips that will enable you to start reducing costs from today.

Cost control does not always have to be about complex ideas and strategies, like many things it can also be about taking hundreds of small actions to achieve a significant benefit.

 

  1. Mobile phone charges are reducing at about 20% year-on-year - ensure you build that into your negotiation when agreeing multi-year deals
  2. Apply any discounts and rebates obtained from suppliers to the cost of any goods imported from outside EU - a healthy discount on Import & Duty costs
  3. The vast majority of invoice fraud comes from someone impersonating the supplier and changing their bank account details for payment - ensure you have a process to double-check any such requests
  4. On average, 10-15% of telecom services being paid for, are no longer in use - ask your supplier to provide details of no-use services
  5. Increasing your thermostat by just 1°C can add 8% to your energy costs over the winter period - set the thermostat at 19°C (66°F) reduce it over weekends and holidays
  6. Make sure there is a gap between the heating temperature and when cooling systems kick-in (24°C - 75°F) - otherwise the systems will compete with each other and waste money
  7. Turning air conditioning up by just 1°C can save 4% from your energy costs
  8. iPhone users consume 8 x more data than those using Blackberry - choose the right devices for your business and monitor data use
  9. A 15% decrease in font size equates to a 25% decrease in ink usage when printing documents
  10. Printing in colour is around 10 x the cost of black and white
  11. £90m is wasted every year by UK companies who leave computers switched on when not in use
  12. The UK squanders £170m per annum leaving lights on unnecessarily
  13. Terminating unused software subscriptions can reduce costs by 20%
  14. 22% of suppliers offer early payment terms - less than half of businesses take the discount
  15. When suppliers present a high volume of low-value invoices, paying ‘on-statements’ can reduce invoice volumes by 20% or more
  16. Sign-up to financial news-feeds on key parts of your supply chain - early visibility of financial distress can protect revenues, market share and brand reputation
  17. Monitor the volume of supplier invoice queries, KPI failures and late shipments - potential early warning flags to vendor issues
  18. Benchmark different parts of your business for consumption and cost - taking best practice from one line-of business across the group can be transformational
  19. When was the last time you had a competitive insurance quote - savings can be as much as 40% when bespoke policies are written
  20. Challenge employees to find ways of doing things quicker, better, simpler, cheaper - offer incentives to those who deliver
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