1. Shop around for the best prices. The service provider that you have always used, or the product that you have always purchased, may not be the most cost effective one out there. There are times when you can find something of comparable quality at a better price. You should be shopping around for better prices about once every year.
2. Ask new customers how they heard about you. And keep track of their responses – after a while, you will begin seeing a trend as far as what advertising and marketing efforts worked, and which ones didn’t.
3. Buy furniture second hand. Are there any companies in your area going out of business or moving? They may be looking to sell some of their current furniture. You can also easily find used furniture online.
4. Train your employees for the tasks they are doing. If your employees are properly trained, they will become more efficient at what they are responsible for.
5. Pay off your credit card as soon as possible. In order to avoid paying interest, pay as much of your credit card bill off as you can as soon as you can. The interest on purchases on credit cards can grown very quickly, and paying as much off as possible will reduce the total amount of interest that you will need to pay.
6. Lease or sublet extra space that you aren’t using. This will help reduce any rent or property taxes that you pay, as well as reducing the utilities that you currently pay.
7. Look for alternatives to traditional advertising. Try looking for people who will be brand ambassadors, or try using social media.
8. Hire temporary help in your busy season. Instead of having permanent staff who don’t have enough to do in the off-season, try hiring temporary staff when you do get busy.
9. On accounts where you are charged interest, work out a payment plan. Whether it’s paying more frequently, or paying larger amounts, getting the total amount owed paid off sooner will reduce the total amount of interest that you owe.
10. Keep receipts for items paid by petty cash. By keeping track of all of the small things you purchase, you should be able to see what is necessary and what can be eliminated from those small purchases – a lot of small things can quickly add up to a lot of expenses.