You owe it to your business to minimize expenses. Doing so helps you maximize profitability and spend wisely to grow your revenue. There are various actions you can take to lower your overhead. Consider examining your IT costs and outsourcing IT to a specialized firm. You may even consider outsourcing other functions like accounting and human resources. You can also hire contract workers and benefit from their experience when you need it. On a related area to IT, you can examine your phone bill and consider switching to a Voice over Internet Protocol (VoIP) such as Skype. Travel expense is another area that that you should consider addressing. Technology, such as teleconferences, may enable you to stay in the office to hold certain types of meetings with your employees and clients. In fact, depending on your business, workers might telecommute. This provides potential rent savings since you can have a smaller office space, and your employees may appreciate this perk which is essentially a win-win scenario. If you are searching for other cost-saving ideas going forward, setting up a bonus program for ideas that are used gives employees the proper incentive and combines it into your corporate culture. Keeping an eye on expenses does not make you frugal. Rather, it means you are a savvy businessperson determined to avoid wasteful spending.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.