When operating a small business, the top priority is maintaining a high profit margin. In fact, studies largely indicate that a high profit margin correlates strongly to the success of a company. One of the best ways to create a high profit margin is by keeping overhead costs low, so operational costs don’t impede on your overall business profits. According the experts at Learning Burst Academy, 20 percent or less is considered a low profit margin and anything above 50 percent is considered high. Since small businesses often spend so much on office supplies, finding ways to reduce that expense is imperative to improving your profit margin.
- Minimize waste. Take steps in your office to minimize waste. People are often needlessly wasteful without even realizing it, and they can waste abundant paper products quickly, without a second thought. If you have a water cooler in the office, consider supplying each employee with a reusable water bottle, so they aren’t using numerous cups each day every time they want a drink of water.
- Buy quality supplies. Many businesses try to seek out the cheapest prices without taking into account the quality of the merchandise they’re purchasing. However, quality and longevity go hand in hand, and oftentimes high quality merchandise turns out to provide more value, even if the price tag is higher. While you may be able to find a desktop printer for only $50, if it stops working after 6 months then it didn’t provide good value. However, if you spend $200 on a printer that ends up lasting several years, you’ll actually be saving money long term.
- Buy in bulk. You need a lot of supplies to operate your office daily. From pens and paper to printer ink and office chairs, running an office is expensive! You’re likely already buying your office supplies in bulk, but are you buying them from the best wholesale supplier available? A great wholesale supplier will offer continued savings as you increase your quantity, so you can stock up on several months of supplies at a time and drastically slash your spending.
- Go green. It’s no secret that energy-efficient appliances can reduce the cost of electricity. While some appliances may have an increased upfront cost, it will soon pay itself off in reduced energy expenses. They now offer a variety of energy-efficient alternatives for office appliances, including everything from lightbulbs and coffee makers to printers and fax machines.
- Go paperless. In the technological era, there is little need for paper billing. Paper billing is an antiquated practice that has largely gone out of style, and many customers actually prefer to be billed digitally. Given the cost of paper, printer ink, postage, and printer maintenance, switching to paperless billing can save your business a lot of money over the years.
Stock Up On Bulk Office Supplies and Save Big
Maintaining healthy profit margins starts by finding the right wholesale supplier. With a great wholesale supplier, you can find exceptional deals on all of the supplies needed to run your business effectively, while accessing great discounts and unbeatable customer service. At DollarDays, we offer competitive pricing on a vast range of office supplies and equipment, while ensuring each and every customer is provided with the individual care they need. Search our office supplies today, and make steps toward improving the profit margin of your small business.