Have you ever watched the show Extreme Couponing? It is about individuals who spend a lot of time and effort mastering the art of buying hundreds of dollars of food and personal items for next to nothing.
Don’t you wish you could do the same with your business expenses? Well, let’s try!
Here are five ways to cut costs in your business and in your personal life.
- Identify the high cost items. Take the time to identify the items that you spend the most money on. Why? Because this is where you need to focus your attention. So, what are those items? Is it salaries and wages, overtime, rent, or travel costs? If it is overtime, for example, assess whether it is truly needed, question whether the activities can be carried out during normal working hours, and consider whether technology can be used in any aspect of the work. These are a few thoughts to get you started in analyzing your costs.
- Shop around. It sounds obvious but sometimes, this step can be overlooked because we are in a hurry and we are not planning. This is where having a budget is important as it helps you to identify what you need beforehand so that you have the time to do your research. Shopping around provides you with options and gives you the opportunity to obtain the best deal, no not the cheapest, but quality for the lowest cost.
- Think outside the box. Try doing business differently. With most businesses, the highest cost is salaries and wages. So, what can you do differently to reduce this cost? Consider contracting out some of the work, assessing whether you need certain job functions, paying staff for performance instead of by the hour, i.e., job work or commission. Also, you could let staff work from home, which would reduce your accommodation cost.
- Negotiate. If you purchase large quantities or purchase items frequently from a supplier, ask for a discount or simply consider long-term contracts at a reduced rate. This is a win-win situation. You purchase items at a lower cost and the supplier is guaranteed revenue for a length of time.
- Ensure the benefits exceed costs. You know you have to spend money to make money but it is important to ensure that every dollar spent counts, and the only way to do this is to understand the benefit to be gained and to ensure that it outweighs the cost. So, ask yourself, what is the benefit? Is the benefit greater than the money I am spending?
There is no doubt that applying these five tips will reduce your costs. However, you should be tracking your expenditure. How else would you know how much you are spending, and on what?
You should be budgeting so you know what you need beforehand so that you can shop around, negotiate and have a chance to weigh the costs against the benefits.
Take our online program “How to Strengthen Cashflow”, we will provide and guide you with tools and techniques to reduce your costs, avoid challenges, and to increase sales. https://learningmovesmountains.com/small-business-financial-management-program/
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Robinet Zerk Goeselt
I love it when folks come together and share views. Eleanor Giraud Bendicta
Article writing is also a excitement, if you be acquainted with afterward you can write or else it is complicated to write. doodr.aperca.se/map9.php lumene blur foundation Jordana Mack Monjo
Pretty section of content. I just stumbled upon your website and in accession capital to assert that I get in fact enjoyed account your blog posts. Any way I will be subscribing to your feeds and even I achievement you access consistently rapidly. Cymbre Josiah Tommi
I think this is a real great blog. Really thank you! Want more. Ariela Lief Hearn
Hello. This article was really fascinating, particularly because I was browsing for thoughts on this issue last Friday. Gretchen Wang Averil
Thanks for sharing, this is a fantastic blog. Keep writing. Joanie Abba Lugo
You need to be a part of a contest for example of the most useful blogs online. I am going to suggest this web site! Bab Nilson Owades
These are genuinely impressive ideas in regarding blogging. You have touched some nice factors here. Any way keep up wrinting.| Maryjane Virgilio Arno
Hiya, I am really glad I have found this info. Today bloggers publish just about gossip and web stuff and this is actually annoying. A good web site with interesting content, this is what I need. Thank you for making this site, and I will be visiting again. Do you do newsletters by email? Zorine Gabbie Pliam
Great post. I was checking continuously this blog and I am impressed! Extremely helpful information particularly the last part I care for such info a lot. I was seeking this certain info for a very long time. Thank you and good luck. Janelle Gamaliel Gallenz
Hi there, after reading this remarkable post i am also delighted to share my know-how here with mates. Betti Nicky Alfons
If you wish for to improve your knowledge only keep visiting this web page and be updated with the most recent information posted here. Stormi Jeff Ivetts
hola chicos gracias por esta guia creo que ya me aprendi los pasos uno nunca sabe cuando se le va a perder el celular Karita Leigh Perdita
You have made some decent points there. I looked on the net for more information about the issue and found most individuals will go along with your views on this website. Carlee Niccolo Rosecan
I say Thank You due to your caring about the accuracy of your content, and therefore those who read it. Emelina Rory Phaidra
I like reading through an article that can make people think. Also, thank you for allowing me to comment. Frank Maddie Lorenzo
As I web site possessor I believe the content matter here is rattling excellent , appreciate it for your efforts. You should keep it up forever! Good Luck. Verna Chane Blondelle
Thankfulness to my father who informed me concerning this blog, this weblog is genuinely awesome. Lilias Syman Paine
I have read so many articles about the blogger lovers except this paragraph is really a pleasant paragraph, keep it up. Alyda Sigismundo Matless Sharron Stefan Heaps
Having read this I believed it was very enlightening. I appreciate you finding the time and effort to put this content together. I once again find myself personally spending a lot of time both reading and posting comments. But so what, it was still worthwhile! Marjorie Cristian Carbrey
First, I want to thank you for visiting and following my blog. I appreciate it and I have done the same to follow your blog. Durung these unprecedented times it is easy to get discourage but the best way to build your trust is to spend time in the word of God. Your post is encouraging and I like the name of your blog. Bernelle Klemens Furey
Im obliged for the blog post. Thanks Again. Fantastic. Loralee Reg Nikolos Ginger Giles Hennie
My brother recommended I would possibly like this website. He was once entirely right. This post truly made my day. You can not imagine just how so much time I had spent for this info! Thanks! Jelene Yard Hugon
I have read numerous of your article up until now and also finally made a decision that I should comment. This blog subject has thrilled me a lot. It is really informative and also something that I will be showing to others. Thank you for putting in the effort to create it. Vanny Haskel Amabelle
Wow a great content, this might be attractive performing our analysis about remembering. Thanks a lot Rosalinda Alano Risteau
You deserve the peace of your final mission, Marine! Annie Flem Nella
You completed a number of fine points there. I did a search on the theme and found most people will agree with your blog. Jordana Jamesy Durrace
I am sure this paragraph has touched all the internet visitors, its really really good paragraph on building up new blog. Harmonie Webb Lan
all the time i used to read smaller posts which also clear their motive, and that is also happening with this piece of writing which I am reading now. Antonella Court Curson
Nice read, I just passed this onto a friend who was doing some research on that. And he just bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch! Michaelina Granville Sanborn
I took my CPP at 62. I have been semi retired for a number of years up until then, so the extra income was needed. Fayette Wiatt Waine
Thank you for any other wonderful article. Where else could anyone get that kind of information in such a perfect approach of writing? Luz Waylin Raskin
It was very useful, I can say it was a useful article for me. Gleda Lyn Newby
Hi there, after reading this amazing post i am also glad to share my experience here with colleagues. Cairistiona Garek Vandyke
Useful information. Lucky me I came across your web site accidentally, I bookmarked it. Dione Ogdan Tai Kary Enoch Hedberg
I am impressed with this website, real I am a fan. Gerrilee Zeb Maurits
Having read this I thought it was rather enlightening. I appreciate you taking the time and effort to put this information together. I once again find myself personally spending a significant amount of time both reading and leaving comments. But so what, it was still worthwhile! Andy El Akira
Pretty part of content. I simply stumbled upon your weblog and in accession capital to say that I get in fact enjoyed account your weblog posts. Any way I will be subscribing to your augment and even I success you get entry to persistently fast. Jasmin Rufe Ansilma
Thank you, I have recently been looking for information approximately this topic for a while and yours is the greatest I have discovered so far. However, what about the bottom line? Are you positive concerning the supply? Cherish Kingsley Wendy
Everything is very open with a clear description of the challenges. It was truly informative. Your website is very useful. Thanks for sharing. Stacee Kahlil Donica
This is all very new to me and this article really opened my eyes. Thanks for sharing with us your wisdom. Cherilyn Hastings Ruthy
Having read this I thought it was extremely enlightening. I appreciate you taking the time and effort to put this content together. I once again find myself personally spending way too much time both reading and leaving comments. But so what, it was still worthwhile!| Gaynor Rouvin Jerrold
I do trust all the ideas you have offered for your post. They are really convincing and can certainly work. Nonetheless, the posts are very brief for novices. Could you please prolong them a little from next time? Thanks for the post. Valerie Aldon Kidd
we like to honor numerous other internet web sites around the internet, even though they arent linked to us, by linking to them. Below are some webpages worth checking out Jobye Ambrosius Nitza
I was pretty pleased to find this web site. I need to to thank you for your time for this wonderful read!! I definitely liked every bit of it and I have you bookmarked to check out new stuff in your site. Brooks Duff Ivonne
Amazing information, which helped me learn more about how to save money and believe that I will live a more fulfilling and perfect life, but it also gave me a lot of inspiration. Collection!
I’m very happy to uncover this page. I wanted to thank you for ones time just for this wonderful read!!
I definitely liked every bit of it and i also have you book-marked to see new things on your website.
Heya i’m for the first time here. I came across this board and I find It truly useful & it
helped me out a lot. I am hoping to give something again and
help others like you helped me.
What’s up to every body, it’s my first go to see of this webpage; this website carries remarkable and really fine
material in favor of readers.
Thanks again for the blog post.Much thanks again.
I have been surfing on-line greater than 3 hours lately, yet I never found any fascinating
article like yours. It’s lovely worth sufficient for me.
Personally, if all webmasters and bloggers made just right content as you
did, the web shall be much more useful than ever before.
When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails with
the same comment. Is there any way you can remove me from
that service? Thanks a lot!
Good post. I learn something totally new and challenging on websites
I stumbleupon every day. It will always be useful to read content from other writers and practice a little something from their websites.
Really appreciate you sharing this blog post. Much obliged.