Monday, February 01, 2010

A few cost-reducing tips

The economy may be improving, but it’s always a good time to lower costs. But where do you start. My advice: When looking for areas to cut costs, always start with technology. Technology changes quickly, and technology prices change right along with it.

Analyze your processes and systems every few years or so. Chances are there’s now a better and cheaper way to do things. You never know how much you can save unless you look around. For example, this company saw 6-figure savings by upgrading their outdated systems.

Analyze your software as well. Unless your software vendor constantly updates your software, it will be out of date in a few years. By that time, cheaper software probably exists. Look for software vendors that provide constant upgrades, not those who try to sell you a new version every few years. It’s the cheapest and easiest way to ensure your software is always current.

Need more ways to save money? Here’s a nice article on offering a few tips to lower your telecommunications costs.

As always, if you have any money-saving tips, feel free to share them in the comments.


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