• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Tech Block

tech tips from tim the techie

  • Home
  • About
  • Blog
  • Business Tech
  • Finance Tech
  • Gaming
  • Home Tech
  • Phone
  • Travel Tech
  • Web
  • Contact Tim

How To Cut Business Costs Quickly

March 13, 2018

There are two general scenarios a business might be facing when it comes to cutting costs. In the first scenario, they might want to cut costs as part of larger, more long-term strategic planning and objectives.

In the second scenario, costs need to be cut quickly and efficiently. Cutting business costs can be a necessity in terms of cash flow or staying afloat.

So how can you realistically cut costs in a way that’s sustainable and can happen quickly?

Introduce Expense Management Software

If you take a look and start evaluating your costs, you’re likely going to see that travel and expense costs are too high.

You may also see that human error happening in expense reporting as well as accounting and financial departments are adding up very quickly as well. You may even be surprised to discover there’s fraud occurring, and it’s costing your organization as well.

Implementing expense software is something that can be done very quickly. With a user-friendly platform, the rollout should be pretty seamless, and it makes it possible for businesses to identify places where costs can be cut immediately, and also cut out waste, fraud, and error.

In general, even outside of the realm of expense management software, choosing platforms and technology with robust reporting are really helpful ways to reduce costs. Without visibility, it’s impossible for business leaders to see where spending can be cut.

Evaluate Miscellaneous Spending

Miscellaneous spending can just be anything that might not fall into another category or doesn’t seem like that big of a cost. However, when businesses start delving in, they often see that these costs can quickly spiral.

For example, if your company is spending thousands of dollars a year on outdated office supplies, you can cut that right away.

Outsource 

The gig economy makes it simple for businesses to outsource their talent needs. Often, outsourcing provides access to leading talent in specialized niche areas, and businesses can save on overhead costs and the costs associated with payroll.

For example, rather than having an in-house marketing team, outsource it and use them on an as-needed basis. Outsourcing is a great way to make a business leaner and to cut costs significantly, while still ensuring the level of specialization and expertise is there in the people you’re working with.

Something else to consider is looking at redundancies and inefficiencies in existing staff and job roles. If there are two people doing the work of one, it may be time to consolidate the job roles and make some difficult decisions.

Finally, businesses want employees to be happy and stay on-board if they’re valued talent. They want this even if they are in the midst of cutting costs. There are other ways you can retain talent aside from just offering them more money.

For example, employees enjoy benefits that involve retirement or financial planning tips. Employees also find recognition valuable, and it doesn’t have to cost anything. There are ways to show employees you appreciate them and avoid high turnover numbers without spending too much.

Tweet
Pin
Share
0 Shares

Categories: Business Tech

sidebar

Blog Sidebar

About Us

I’m Tim from The Tech Block. Tim Techy! haha. I’m all about gadgets, gaming and technology. I don’t just sit in my house all day playing around on gadgets, but they are very integrated into my everyday lifestyle. When I work out I use technology to track it, when I turn the heat on in my home, I use my computer to do it and when I travel, I take my fun techie stuff with me!

Popular Posts

Facebook

Tim's Tech Block

News Latter

Connect

  • Facebook
  • Instagram
  • Twitter

Recent Posts

  • Is the S19 XP Hydro more efficient?
  • How to Create a Morning Routine
  • Government Translation Solutions: Revolutionizing Multilingual Intelligence Operations
  • How Solar Panels Can Provide Reliable Energy for Your Home
  • The Benefits of Self-Regulating Heating Cable Systems

Recent Comments

    Archives

    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018

    Categories

    • Blog
    • Business Tech
    • Finance Tech
    • Gaming
    • Home Tech
    • Phone
    • Travel Tech
    • Web

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Footer

    About Us

    I’m Tim from The Tech Block. Tim Techy! haha. I’m all about gadgets, gaming and technology. I don’t just sit in my house all day playing around on gadgets, but they are very integrated into my everyday lifestyle. When I work out I use technology to track it, when I turn the heat on in my home, I use my computer to do it and when I travel, I take my fun techie stuff with me! Read More…

    Popular Posts

    Featured Post

    Is the S19 XP Hydro more efficient?

    How to Create a Morning Routine

    Government Translation Solutions: Revolutionizing Multilingual Intelligence Operations

    How Solar Panels Can Provide Reliable Energy for Your Home

    The Benefits of Self-Regulating Heating Cable Systems

    Facebook

    Tim's Tech Block

    Copyright ©2018 The Tech Block | All Rights Reserved