If you are like many law firms, there is no doubt that within this challenging economic climate you are under increasing pressure to control costs and eliminate wasteful spending. Despite the fact that you are probably already working with a smaller budget, you are also continuously being challenged to pore over every line item in your budget to extract additional savings.
By conducting a thorough review of your firm's office supplies expenses, you can identify:
The products your firm is ordering on a regular basis
The products your firm is actually using on a regular basis
The quantities being ordered and frequency of reorders
The prices your firm is paying for each item
Whether or not your firm's ordering patterns are optimal given past usage history
Having this information at your fingertips will not only help you make necessary budget cuts and adjustments, but will also highlight potential process improvements and supplier changes that can ultimately result in significant time and dollar savings.
In addition to the office supply review, there are many other cost savings opportunities for your firm. Some examples include:
1. Consolidating your firm's purchasing with a single vendor and standardizing product usage in order to fully leverage your firm's purchasing volume to achieve cost savings (this is true whether your firm has a single location or multiple offices). Consolidation will also reduce overall procurement and accounts payable costs.
2. Choosing a supplier-partner that is willing to work with you to review your current purchases and make recommendations for high quality product alternatives at competitive pricing. Many "generic" brands can be good alternatives to national brands, offering the same quality and performance at a fraction of the cost.
3. Partnering with a supplier that offers quick delivery, which can enable you to keep your inventory levels lower to ensure that your firm is not over-purchasing.
4. Avoiding vendors that have accounts receivable policies that include interest charges and late fees.
5. Working with a supplier that offers free or reduced shipping. In addition, you should be sure to purchase at the minimum order value so that you do not incur handling fees and eliminate costly "one off" trips to office supply stores.
6. Choosing providers that have the capability to provide you with purchase history reports (in print or electronic form) so that you can better track your firm's expenses.
7. Avoiding an "open door" supply room policy. Storing items in "secure" areas and assigning a "gatekeeper" to track usage is a great way to minimize wasteful depletion of inventory.
8. Selecting your supplier based on ordering vehicle options (e.g., phone, fax, online) that are compatible with your firm's business operations. Don't choose a supplier that forces you into ordering processes that disrupt your day or are outside of your normal operations as this will take away from your daily efficiencies.
Remember...
While your budget will be more challenging to maintain, track and reduce than it has been in the past, there are simple steps that you can take to do more with less while ensuring that you have what you need to run your law firm.
Need HELP?
If you haven't already discussed these and other cost saving opportunities with your ASL representative, call 800.222.0510 today.
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
