68 cumberland prime RI Real estate
Posted: Friday, December 10, 2010
by Greg Moore
http://www.68cumberland.com
Without overstating the obvious, it’s not an easy time to run a business in America. The past few years have taught everyone from Fortune 500 CEO’s to startup founders how to streamline day-to-day processes, minimize unnecessary losses, and cut costs. And while some measures might be less popular among employees (bring-your-own-toilet-paper week is unlikely to be a crowd pleaser) anyone with half an eye on his bottom line knows that, economic mood of the nation aside, saving money is part of good business.
Do: Take after your father. Remember when you were a kid, your dad was obsessed with saving electricity? He’d walk around switching off lights--even if you were in the room--and harass you for leaving the door open a second longer than necessary (“We’re air conditioning the neighborhood!”) Well, it turns out Dad was only half as crazy as you thought he was. Switching off the lights in unused conference rooms and empty offices can save you a bundle on your energy costs, and helps reduce our impact on the environment. Whether you’re watching your carbon footprint or just your electric bill, it pays to be a chip off the old block.
Don’t: Take away the free office coffee. Not just a cheap perk and a welcome jolt for regular employees each morning; your office coffee machine supplies the IT geeks with the caffeine they need to survive. No coffee means grumpy geeks, and grumpy geeks mean anything from unexplained server outages to email snafus to terrible, terrible things befalling your hard drive. So keep the geeks in a good mood and everyone else awake—keep the coffee.
Do: Streamline your supply chain. Globalization has not been kind to the less-organized among us. Just keeping track of shipments from Mexico, market researchers in India, and the company founder on his round-the-world yacht tour is a full time job. But over time, organic growth can lead some companies to have clunky, gunky, or just plain slow. You might be overpaying for supplies, shipping, or advertising and not even know it. That’s money that could be spent on development, or advertising, or a nice bonus for your indispensible employees. Which brings us to…
Don’t: Cut paychecks to save money. Nobody likes getting smaller paycheck at the end of the week, and there’s a good chance that cutting payroll will put everyone in a foul mood. Unless you absolutely have no alternatives, your board should take a bonus cut before your day-to-day staff do.
Do: Look into cost-effective office space. Economic development zones are often replete with tax incentives for employers and businesses, and many offices in these areas are as easily accessible as urban locations at a fraction of the rent. In Rhode Island, areas like Cranston, Pawtucket, and Woonsocket are all classified as “enterprise zones,” offering all the benefits of downtown Providence (dining, entertainment, accessibility, and class) without the high price tag.
Don’t: Lower your standards to lower your rent. Yes, the cost per square foot of office space is probably cheaper in rural Kentucky or in a converted storefont on Elmwood Ave, but the cost-benefit ratio still doesn’t work out in your favor. Sure, you’ll be paying less, but your clients might not appreciate hiring an armed guard every time they drive over for a meeting. You want to present a professional image to your current and potential customers, and that’s hard to do if your zip code crime statistics would make Lindsay Lohan blush. There’s a happy medium for anyone willing to do a little research and jump at a great deal.
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