Assess Every Aspect Of Your business
- Marketing and Advertising
- Maintenance of facilities
Keep Business Finance Separate From Personal Finance
Compare Actual Expenses With your Budget
Implement quick saving techniques
- Focus on productivity and efficiency at all levels. Ensure that your staff uses work and time management techniques to improve productivity and avoid waste of resources.
- Identify unnecessary expenses and remove them.
- Assign priority to bulk ordering and bunching small orders to derive cost-saving benefits.
- Negotiate with suppliers to bring down the cost of supplies. Find effective substitutes for high priced resources and suppliers or work out better payment terms and discounts.
- Consider outsourcing payroll functions to cut those costs. If you visualise any potential damage to business operations in the near future, carry out research to find solutions to take timely measures. It will result in huge costs savings.
- Update technology to improve business processes and productivity.
- Share your extra office/workspace to earn additional income or consider an option to move to a more cost-efficient location.