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Posts tagged with: debt
Oct 28, 2024    |      0 comments

Here’s How Your Commercial Business Can Cut Printing Costs

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In today’s fast-paced business environment, cost efficiency is a priority for commercial entities aiming to boost profitability. One often overlooked expense is the cost associated with printing. With escalating costs in ink, paper, and maintenance, businesses can find themselves spending substantial sums on printing. Understanding where these costs come from and implementing strategic actions can lead to significant savings. This article explores practical ways to cut printing costs without compromising productivity or quality, helping your business save money while fostering a more sustainable approach to resource management.

Print in Black and White

Printing in color can quickly become a substantial financial burden for businesses. While color can enhance the aesthetic appeal of documents, it’s crucial to weigh the necessity against the cost. In many cases, black and white printing can effectively convey information without the additional expense. By defaulting printers to black and white, businesses can significantly decrease their expenditures on color cartridges, which invariably cost more than black ink.

The global commercial printing market was worth $494.53 billion in 2023, showing the massive scale and demand for printing services. Within this expansive market, monochrome printing has been a consistent choice for cost-conscious businesses. Beyond cost savings, black and white printing also tends to be more reliable, as color printers are more prone to technical issues and require more frequent maintenance.

Opting for black and white can also enhance the readability and professionalism of many documents. For official documentation, contracts, and formal letters, color is often unnecessary. When businesses choose to print exclusively in black and white, they not only save money but also streamline their processes. Implementing this simple change can lead to a more efficient workflow, aligning with broader corporate goals of reducing unnecessary expenditure.

Print Less Often

The frequency of printing directly correlates with total printing costs. One effective method to reduce these costs is to print less often. Encouraging a digital-first mindset among employees can significantly limit the number of print jobs, saving resources and reducing the need for frequent replenishment of supplies.

A study estimates that as much as 50% of Help Desk calls are printer-related, showcasing the strain frequent printing can place on IT resources. Reducing the demand for physical printouts will inevitably lead to fewer technical issues. This not only cuts costs but also frees up IT personnel to focus on more strategic tasks, ultimately improving overall business efficiency.

Adopting electronic document management systems can further facilitate a reduction in print frequency. These systems allow for secure storage, easy retrieval, and seamless sharing of documents without the need for physical copies. By leveraging digital solutions, businesses can significantly cut down on printing and direct the saved money toward other critical areas of operations.

Protect Your Documents

Ensuring document security and preventing unauthorized access can help businesses avoid reprinting and additional costs associated with document breaches. By implementing strong access controls and encryption, businesses can safeguard sensitive information. This protects against potential water damage, and loss or tampering of documents, reducing unexpected expenses related to reprinting or resolving data breaches.

According to Comfy Living, small leaks and drips can waste up to 10,000 gallons of water per year. while their statistic on water may seem unrelated, it underscores the importance of addressing leaks—whether in plumbing or documentation. Just like small leaks waste resources, unsecured documents can lead to significant financial loss if not managed properly. Ensuring document security is akin to fixing those leaks — a preventative measure that saves money in the long run.

With document management systems, businesses can also track who accesses documents and when. This audit trail aids in accountability and mitigates the risk of document mishandling. A robust document protection strategy not only prevents financial loss through reprinting but also reinforces trust and integrity in handling customer and internal information. This proactive approach is essential in cutting costs and safeguarding company resources.

In conclusion, reducing printing costs in a commercial business setting requires a multifaceted approach that involves strategic decision-making and the implementation of efficient practices. By prioritizing black and white printing, reducing print frequency, and protecting documents, businesses can achieve significant cost savings. These strategies not only save money but also contribute to more sustainable business practices. When businesses take control of their printing habits, they pave the way for enhanced efficiency and financial health, allowing them to redirect resources towards growth and innovation.

Oct 25, 2024    |       10 comments

Costly Car Repairs

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I bought my new-to-me (used) car in October 2021. I was so proud of myself when I paid off the car loan (originally about a $20,000 note) in two years! It was paid off by October 2023, almost exactly one year ago. And here we are now…. Only 3 short years with this vehicle and I’m considering replacing it. Let’s back up.

My Car History

I am not one to buy a new car every couple of years. I am 40 years old and have only owned 5 cars in my entire lifetime! My last vehicle I had for nearly a decade! I like to buy a car, treat it well, and hold onto it for a long time. I’d rather pay it off and have an older vehicle versus trading in for new and having a car payment.

The Story of This Car

With my last vehicle, I drove it until the metaphorical “wheels fell off.” No, the wheels never actually fell off. But that’s what I consider it when it got to the point of ownership that the car continued to break down and the repeated repairs cost more than what a car payment would cost. I had the car like that (with constant break-downs) for over a year before I finally bit the bullet and bought my current car.

The problem is, this was during the middle of the pandemic. Remember when everything was waaaaaay on backorder at that time? Used cars were selling for more expensive than new (this is not hyperbole! I test drove a used car priced for more than a new one because the new one was months and months on backorder).

I say all this to say that this car was never my favorite. It was the best vehicle available at the time that fit my must-have requirements. I insisted on a small SUV, something with 3rd row seating so I could taxi around my kids + their friends. But it was older than I liked (2017) with higher in mileage than I would’ve liked. And now it’s starting to cost a lot of money.

Routine Maintenance

For the past two oil changes now, I’ve been asked to do pricey maintenance. This is something I’ve always done in the past because I want my vehicles to last a long time. But this is a “luxury” vehicle (an Acura MDX) and the parts and labor and everything about it is EXPENSIVE!

I agreed to the 100,000 mile fluids flush (not cheap) two oil changes ago. But this most recent oil change, they also recommended replacing front shocks and struts and upper/lower control arms. The to tune of $1800/each. $3600 in routine maintenance!

That was a tough pill to swallow. I declined the work, came home, and started calling around to other shops to do some price comparisons. Turns out, that’s about the going rate. I found I could save a couple hundred going to another mechanic, but even the best price quoted was for $3300.

Decision Point

When I bought this car, my thought was that I wanted it to last long enough to be my girls’ first car. I would drive it until then. When the girls got to driving age, I would get myself a new car and gift this to them. But now with the cost of even routine maintenance, I’m not so sure that’s the best idea.

The girls are only 12 years old. My car now has over 105,000 miles. Is it going to last another 4 years until the girls turn 16? And then another 2 years or so past that, to get the girls through High School? That feels like a stretch.

So if this car isn’t going to last, should I consider making a switch sooner rather than later?

Current Plans

I don’t like car shopping. I don’t want a new car payment. None of this is because of vanity reasons of wanting a new car or anything like that. And my car is perfectly functioning right now, even without the routine maintenance being done (I’ve been advised the maintenance will make for a smoother ride, but it’s not a safety issue). So this is not an emergency. No decisions need to be made right now.

But just forecasting to the future….I don’t think my original plan of having the girls take this vehicle in 4 years is going to be realistic. I do plan on getting a vehicle for the girls to share when the time comes. And I do NOT want to end up needing to purchase TWO new-to-us vehicles at the same time (one for me, one for them).

I’m almost tempted to buy myself a newer vehicle in the next year or so, use this one as a trade-in, and then plan to get the girls something smaller and cheaper when they get to driving age? Another option is to buy myself a newer vehicle in the next year or so, keep this one but quit driving it, and still keep it for the girls to inherit in a few years? BUT that doesn’t solve the issue that this vehicle is very expensive to maintain. Even oil changes are nearly double what my old Explorer used to cost.

I’m crowdsourcing thoughts, opinions, etc. If you were in my position, would you do the expensive maintenance and keep this vehicle, hoping it will continue to last for another 6+ years? Would you start making plans to buy a new vehicle, and either use this one as trade-in or keep it for the kids in the future?

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