Effective Cost Cutting
How To Cut Costs In Your Business
"Don't wait until you're in trouble to cut costs," says Marge Lovero, president of the Entrepreneurial Center Inc. in Purchase,
1. Review your production methods monthly. "Routinely analyze your production methods, looking for ways to reduce costs and improve productivity," advises John Mullins, assistant professor of marketing at the
2. Eliminate marginally profitable products and markets. If a product isn't selling, find out why. Is it the product, or is it the market you're trying to reach? If it's the product, improve it or eliminate it, says Mullins. If it's the market, "cut your losses and concentrate your energy on markets with growth potential," he says. Concentrating on winners trims expenses.
3. Sell excess inventory. The longer inventory sits, the more it costs you--and the less likely you are to get rid of it. "Clean house regularly," says Mullins. "Better to take losses on aging inventory than to have it eat up space that could be used for profit-making products."
4. Pare payroll. It's no fun terminating loyal employees, but "lean and mean is the only way to survive in this tough marketplace," says Lovero. The best tactic: Don't overstaff in the first place. Thoroughly assess your needs before hiring full-timers, and you shouldn't have to fire.
5. Outsource whenever possible. "Why do something yourself if it can be done better and cheaper on the outside?" asks George Howick, director of the Management Center at Bowling Green State University in Bowling Green, Ohio. Look at the numbers and see how you can save money while still keeping tight reins on essential operations.
6. Improve efficiency by getting technologically up to speed. If you're a technological Neanderthal, step into the '90s. "Why pay an accountant a monthly fee to keep your books when, in many cases, you can do it yourself with user-friendly accounting software?" says Lovero. "Just punch in the right numbers, and the software does the rest." There's inexpensive software for almost every business function.
7. Buy prudently. Comparison shop suppliers and vendors. "Find out the best times to buy. It pays to wait and make big purchases then," advises Lovero. "Also take advantage of volume discounts."
8. Confine buying to a few suppliers. Show partiality to a few vendors, and you're in a good position to get better prices and terms.
9. Watch petty cash expenditures. Paper clips, paper, envelopes, stamps and daily mailings add up. The average small business spends thousands of dollars on such items each year. "Apply the same cost-cutting brakes you apply in other areas of your business," says Lovero. "First, figure out what you need; then determine whether you're overpaying." Consider making bulk purchases at discount office supply outlets.
10. Involve employees in cost-cutting programs. "Just as you reward employees for exceptional performance, create an award system for great cost-cutting ideas or campaigns," says Lovero. "The reward could be anything from cash or dinner out to a weekend vacation."
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