Regardless of what kind of business you manage, your bottom line is what keeps you running. Your margins determine if your business will be profitable for the year or if you urgently need to rethink your strategy. Ultimately, your profit margins control whether or not you can and should remain in business.

Depending on what your business does you can achieve success by increasing product cost, increasing unit margins or charging more for your services. But these are not the only options available to you.

Every business can make its budget go further by reducing office overheads. While you can do that on several different fronts, one of the most overlooked cost-saving option is switching to managed print services (MPS). In this article, we’ll show you 5 ways a managed print service can help reduce your business costs while making printing easier and more efficient.

1. Reduce equipment cost

Printers are expensive. There is really no other way of saying it. While you can buy a home printer or a basic unit at a budget-friendly price tag, these printers can’t typically handle the volume of printing most businesses get through in a typical year. This means your business will need a machine specifically designed for higher print volumes. These units tend to cost hundreds of dollars. And that’s assuming that you don’t need an enterprise-grade machine, Those units start in the thousands.

But what if you didn’t have to buy a printer to be able to print? What if you just paid for what you use? With a Managed Print Service, you don’t have to buy the actual machine to be able to use it. Instead, you lease it from the provider in the same way you would rent office space or any other specialized equipment. Because you pay for what you print, there is very little upfront cost compared to traditional ownership. This way, the money you save can be invested in other areas of your business.

2. Pay less for printing supplies

Next to the cost of the printer itself, printing supplies are the most expensive part of your company’s printing solution. Paper, toner and ink cartridge costs can leave a massive dent in your operating budget if you aren’t careful. There’s another challenge with buying quality supplies besides cost: Unless you spend hours researching your machine and the best materials to use with it, you may end up spending way more than you want to.

There’s a hidden opportunity cost to spending your cash on printing supplies. Buying these crucial assets means that you’re tying up money that can be better spent building business relationships and driving revenue. The flip side of this is that you can run out and have costly delays and unintended expenses if you don’t have adequate materials for your printers on site.

One of the services a good MPS offers is a print audit and monitoring service. They’ll make sure your business has all the supplies it needs. When you’re running low, your MPS takes care of the ordering, helping you optimize the associated purchase costs.

3. Reduce paper waste

Nothing is more of a drag on your company’s balance sheet than wasted resources. It doesn’t matter what’s being wasted – sub-optimal resource use is as good as setting money on fire. Printer waste is actually more costly than most companies realize and it can be prevented.

Printer waste falls into two distinct categories: user waste and optimization waste. User waste includes personal printing that isn’t for business purposes as well as unintentional printing. Optimization waste happens when a  unit is not correctly configured for the print job or isn’t fit for the task.

Both of these problems can be solved with managed printing by restricting access to authorized users, educating employees on best print practices and making sure that the machines your business uses are right for the job.

4. Regular maintenance keeps your equipment working and reduces costs

Any machine with moving parts needs to be serviced regularly. Over time parts wear out, print heads break and lenses become unusable. When any of these things happen to your printer you have two options: repair or replace. Depending on your unit and what’s broken down, both these options can be very costly.

It doesn’t have to be this way. What if you could have access to technical experts that could immediately repair or replace your unit without it costing your company time or resources?

Good MPS providers usually offer maintenance services as part of their subscription model. Because it’s based on a per page cost to print rather than a unit cost, you won’t be spending more money to keep your service running smoothly.

5. Replace older models

When it finally comes time to replace your machines, you can’t really trade it in for credit like an old car or a piece of furniture. This means your business will be shouldering the cost of replacement without any equity built up in your print fleet.

Printers are a necessary but depreciating asset for your business. Printers don’t tend to hold value beyond the work they can do for your company. By the time you’re ready to replace your units, chances are that any intrinsic value will be long gone.

This is why more and more businesses are viewing printing as a service, like an internet provider or utility rather than hardware that needs to be purchased or replaced. At the end of the day, it’s proving to be much more economical to pay for what you use rather than paying for what you think you might use.

When you use an MPS, your service will help you regularly replace your models as they age – at no extra cost to you. This will keep your printing fleet efficient and your team happy – while saving you both stress and money.