Entrepreneur.com has a great cost-cutting article on “50 Ways to Save Money in Your Business.” It’s chock full of practical, useful ways to cut expenses. You’ll find ideas for saving money on advertising and marketing, real estate, payroll, office supplies, shipping, purchasing and financial services.
I have cited this story before, but they changed the link, so click here for 50 ways to Save Money.
I like these three tactics in particular. I think they can really make a difference:
“40. Form a buying alliance. Join with another business or a trade association for bulk purchasing discounts.”
“43. Query your consultants. Ask your insurance agent, accountant or attorney how you can cut back on their costs. You'd be surprised at the suggestions they might offer on ways to cut your premiums, reduce billable hours or avoid huge retainers."
“50. Seek at least three bids on everything. Even mundane purchases merit shopping around. If you quote a competitor's lower price, a supplier or vendor will often match that price to win your business.”
How are you cutting costs in your business?
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