How to Cut Costs Without Cutting Staff

Six entrepreneurs share smart tips for trimming operation costs.

1. Learn something new

“I love to work with other creative professionals who are excited about the brand and are willing to collaborate within my budget, but I’ve also found that educating myself has helped cut costs tremendously. I take advantage of online learning resources such as Skillshare and to brush up on design techniques and other areas of my business.” -- Victoria Ashley, founder and CEO, Laundry Day

2. Spend smarter

“When we have had to cut costs, we went line item by line item in our P&L and cut anything that wasn’t necessary. We cut marketing spend with more than a nine-month payback, unnecessary travel, and legal expenses where we could, and we downsized our office and moved into a WeWork, which turned out to be cost-saving and something our team loves.” -- Lindsey andrews, cofounder and co-CEO, Minibar Delivery

3. Do more with less

“Last year we went through a cost-cutting exercise with our tasting room operation to bring it to profitability in a challenging regulatory environment. Rather than cutting staff, we used existing staff in more effective ways. An outside cleaning service was eliminated and replaced with increased staff hours. And labor needs in the production operation -- labeling and filling bottles -- were covered with increased hours from tasting-­room staff.” -- Gareth Moore, CEO, Virginia Distillery Company

4. Find the waste

“The answer is easier than you may think, and it starts with cleaning out your closet. You’ve likely accumulated a number of tools, applications, and systems you no longer use or need. Turn some of them off, merge the ones you can, and get rid of what’s collecting dust. You’ll be surprised how little will change outside of saving some money in license fees.” -- Tom Buiocchi, CEO, ServiceChannel

5. Raise (some) prices

“In today’s market, you’re dealing with increased labor costs, tariffs, and potential increases in cost of goods. But one thing within your control is what you charge for your products or services. We spend a lot of time figuring out how to maximize pricing as a revenue generator, which ultimately reduces costs since we’re charging more for the same amount of work. The key is to pick a few items that have the biggest impact on sales without upsetting our customer.” -- Glen Johnson, multi-unit franchise owner, Tropical Smoothie Cafe

6. Trust your team

“It’s easier to train someone to be better than to hire and train a new staff member. Rather than cutting staff to reduce costs, I try to redirect my staff to improve inefficient parts of the business. Responsibility is empowering, so I give them a goal, a budget, and a to-do list, and I put them in charge of increasing efficiencies.” -- Amber Jacobsen, cofounder and director, Toby’s Estate


|Featured Content_$type=three$c=3$l=0$m=0$s=hide$rm=0

Made with in NYC

Bills to Pay,40,Bitcoin,1,Companies,4,Cryptocurrency,1,Entrepreneurship,1,Featured,12,Features,13,Home Improvement,2,Insurance,7,Investing,21,Markets,17,Money,4,Personal Finance,196,Real Estate,91,Retirement,20,Save Money,17,Saving and Spending,5,Small Business,189,Startup,1,Taxes,22,Top Stocks,2,
Finance Magazine: How to Cut Costs Without Cutting Staff
How to Cut Costs Without Cutting Staff
Six entrepreneurs share smart tips for trimming operation costs.
Finance Magazine
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy