Cutting Costs
- Develop a budget with savings plan and follow it. What gets ignored will never be followed.
- Evaluate your physical footprint – remote working, use of space, negotiate lower rate, purchase location.
- Evaluate staffing needs – how much time are your employees spending on essential vs nonessential activities (use software to track), make good hires (spending more on good employee will reap greater benefits than paying less to try to save costs), get rid of dead weight (entitled employees).
- Do you have a product or service you can use to barter with client or vendor?
- Evaluate vehicle costs – do you need it?
- Negotiate with suppliers and seek alternatives – eliminate vendor dependency.
- Evaluate effectiveness of marketing/advertising – stop what isn’t working
- Insurance costs – shop policies annually, multi-lines discount, personal and business with same company).
- Implement effective tax strategies
- Lower debt options (credit card, LOC, refinance).
- Use cloud-based software to reduce IT costs.
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