What does your business budget look like for the nest year? Most companies look at what they have spent and adjust their budget accordingly. To get an accurate sense of what you need to spend you’ll need to break down where your money went. Areas to always look at and consider are:
I.T. (Equipment, Services, Support)
Marketing (Website, Online Marketing, Social Media, Advertising)
Printing/Scanning (Copiers, Printers, Supplies)
Phones (Equipment, Service, Support)
CCTV (Equipment, Service, Support)
Merchant Services (Equipment, Service, Support)
Office Supplies (Pens, Paper, Folders, Staples, Paper Clips, Coffee, etc)
Janitorial Supplies (Toilet Paper, Paper Towels, Cleaning Supplies)
Building (Repairs, Service)
The more you can break down where your money went and why it went there will help you determine what you need to budget for. For instance, if you were spending 80% of your I.T. budget on computer repairs take a look at how old your computers are and consider if they need to be replaced in 2023. Upgrading your computers will lower your costs of computer repairs/support. When you get new computers, they essentially come with a 3-year warranty. First year includes parts and labor and the 2 other years includes parts. Which will also save you money on repairs/support.
Another example, if your printing costs have increased look at who is doing the printing and which department, they are in. It could mean you need to provide a more cost-effective solution for that department because the printer they are using has a high cost of ownership. Maybe switch out printers within the office and provide the higher costs of ownership printer to someone that doesn’t do much printing at all. And provide the lower cost of ownership printer to the department that is printing a lot. Making sure each department has the right printer in place could save you money.
When you break down where your money is going you can have a better overview of what solutions you need to implement to lower your costs. Your employees don’t realize how much money you spend on day-to-day operations. And chances are you don’t know either. If you need help with budget planning, cost effective solutions, and lowering your business expenses reach out to C Three Business Consultants today!