How a small business can lower costs? Run meetings on a predetermined block of time to ensure everyone is on time, stick to the agenda, and wrap up the meeting in the allotted time. Avoid unnecessary meetings by asking your team to send a meeting agenda highlighting what needs to be discussed. If most of the points raised can be answered in an email, then a meeting is unnecessary. In addition, you can come prepared to the meeting with answers instead of needing a follow-up meeting. Get reviews: Reach out to current customers to write a review about your company, product, customer service team, etc. They can write their glowing recommendation on your website, social media channel(s), or review channels like Reddit.

Staff training: One area of the budget that you might think of cutting is staff training. After all, staff members are already good at their jobs, right? Training can feel like something that’s done to enhance team members but isn’t really necessary. The truth is that staff training is vital, and never more so than during times of crisis, like now. Training and business coaching can actually be a huge help to guide your small business through these tough times. Now’s the time to invest in upskilling staff or taking part in a CEO roundtable in which businesses assemble to discuss ideas.

Let’s face it, there’s fluff in every company – “fluff” being all those enjoyable but unnecessary expenditures. When money is plentiful, we don’t notice the extra costs. But when something takes a bite out of our profits, then they stand out. Find the person who monitors the expenses, and set them on a mission to rid the business of anything that doesn’t bring in business or increase profitability. – Rhett Kniep, Centurion 7 Business Advisors Second only to wages, real estate leases and rents are one of the biggest line items for most businesses. Look for ways to consolidate locations, shift to co-working spaces, or adopt a permanent work from home model. The key is leaders who inspire trust, empathy and connection, plus the technology to make it all work. – Benjamin Elzweig, Active Staffing Services

Cloud computing is very popular, and it isn’t hard to see why. This fairly new technology can be used in various ways; for instance, you could host a virtual phone system from your house as a customer service line. This means you can provide your clients and customers with a reliable, affordable form of customer service – even if you don’t have an office or any employees. Discretionary expenses are costs that you want but don’t need. For instance, you may be spending money on weekly snacks for the office, or you may want to buy a water cooler. We suggest holding off on discretionary expenses if you want to save money; after all, you can always buy these items later, when your business is booming! Discover extra info at Digital Agency.

Another way of reducing the costs of your business is by hiring freelancers and contract workers instead of full-time employees. It is apparent that one should hire full-time employees for the core functions of their business. But when it comes to hiring employees for the site functions, it is highly recommended that you hire a freelancer or contract worker. Not only does it save you money, but you get a better end product as well. For example, If you need to design an infographic, why not hire a freelancer rather than a full-time employee?