4 Tips to Reduce Printing & Other Stationery Expenses

Introduction

Stationery and office supplies are important components for daily business operations. However, if their costs, are not carefully monitored, they can make a business lose a lot of cash annually.

In an article published by Chron in 2019, it is estimated that, in the US:

• Businesses with 1 to 4 employees spend about $77 to $92 per employee monthly on stationery and office consumables like printing paper, pens, printer, toners etc.
• Those with about 40 employees spend between $45-$53 per employee per month.
• Those with over 200 employees spend $27-$32 per employee per month.

These figures are just an average as the costs will vary depending on their nature of work and the cost of stationery and office supplies in the region they are located. However, it paints a picture of the cost implication of stationery and office supplies in an organisation.

Having worked in the accounts department of several organisations and currently being in the business of stationery supplies, I have learnt a lot about how businesses can reduce their stationery & office supplies costs.

Here are 4 of the tips that a business can apply to reduce their stationery and office supply costs.

1. Re-using used printing paper

Printing or photocopy paper is a major office consumable. It is also prone to wastage which increases the overall stationery expenses. A simple solution like reusing printing paper can go a long way in reducing this cost. I would encourage the use of double sided printing for all documents. But, if a document has been printed on one side and has already fulfilled its purpose, it can be used for printing on the other side as long as it does not contain sensitive data that should not be shared. These printouts can be used internally for meetings or other uses instead of using new sheets of paper.

1. Go Digital

By leveraging on technology, a business can save a lot in terms of stationery costs, especially printing paper, toners and inks.  This can be done by encouraging the use of saving and sharing documents online. Limit hardcopy printing to only those document that require to be printed. Google Drive is a free web based cloud solutions which allows you to store and access documents anywhere. It can be used by small firms and individuals as they move towards digitalizing their operations. Larger organisations can laisse with their IT Consultants to find the best way to go digital in their organisations.

• Having a centralised procurement department

For large organizations with many branches or departments, they can consider having a central procurement office where all procurement and purchases are done. This will help in negotiating for better terms due to bulk buying. With such a department, all requests and issuance of stationery to other departments or branches can be done at one point. This will reduce wastage and encourage sharing of resources like printers and other business machines and thus reducing costs. It will also help in planning for purchases and managing the available resources.

1. Using the right printers for your organisation and adopting the use of compatible toners

A wrong printer can lead to losing lots of money through printing costs. For example; for a small organization with minimal printing needs, I would recommend the use of inkjet printers instead of smaller desk jet printers as liquid printer ink is way cheaper and has higher yield than cartridges used in digital printers. For larger organisations with more printing and photocopying requirements, they can consider using a commercial printer that is centrally placed instead of having several small printers for different offices or departments. Though the initial costs to acquire these printers may seem high, it will save the business a lot of money in the long run.

In terms of consumables like toners and printer ink, using compatible ones can reduce printing costs by up to 50%. Compatible toners and inks are those made by third party companies under licence by the OEM.

Unlike the the Original OEM toners, the compatible ones can be made from recycled materials which makes them cheaper and also environmentally friendly.

At Finamax Business Solutions Ltd, we advise our clients on the right compatible toners to use depending on their machines. I have done a separate, more detailed article on the differences of compatible and original toners and their benefits.

Conclusion

These 4 tips are just a few of the methods that a business can apply to reduce printing costs. Different organisations may have different methods that will apply to them based on their nature of operations. However, for most organizations, applying these tips can help them reduce printing costs significantly.

At Finamax, we are always ready to advise on ways on matters of stationery and office supplies. Feel free to reach out to us for more information or advise.