Tips to cut costs.

[sanju123]

If you are running a company- what tips would you take care of to reduce the overhead expenses in the time of slowdown when every penny matters.

Cutting on Travel expenses-opt for cheaper tickets or video conferencing is a great idea.

Electricity and water-install power saving modes and try to turn every switch while not in use, along with this try to monitor water bills too.

Stationary-effective use of stationary will not save tons of money but a little.


And you know that money saved is money earned!!

 

[Ceres]

- Perhaps look at last 3 months' business expenses. This might highlight more easily what expenses can be cut off or reduced.

- Business bank account: does bank offer cheaper service plans or packages?

- Can advertising costs be reduced or temporarily put on hold?

- Find out if phone company or internet service provider offer cheaper packages that would still work well for the business.

 

[sanju123]

Temporary cut on the extravagant perks of the staff can be reduced, of course after taking them into confidence.

 

[baskin]

I look into the production and stop producing things in surplus. And yes, electricity and water consumption also matters so will try my best in advising the employees to use these resources to the minimum.