Source: Entrepreneur | Repost QBScott 3/12/2020 –
Your sales, marketing, and customer service teams make it possible for your business to succeed with clients, but turning a profit also depends on keeping costs as low as possible.
From getting the best price out of your suppliers to cutting waste, there are plenty of ways to reduce expenses. Here are four cost containment tips for your company.
1. Create a culture of cost reduction.
An emphasis on savings needs to start at the top. Management should model the cost reduction mindset, explain how it benefits the organization, and make it a part of the company’s culture. Take cost-cutting seriously and reward employees who consistently create savings for the business.
This means going beyond simply looking for deals when buying office supplies or finding a shipping partner. Look for savings in all areas. From insurance and payroll to telecommunications, where services like Sprint Business Perks can save you money not only on your phone and data plans, but also on mobile security and shipping. There are opportunities to cut your expenses in many areas.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com
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