Businesses Can Save Money in a Shaky Economy

A recent story in The Wall Street Journal listed several innovative methods companies are using to cut expenses in the current economic downturn. Perhaps some of these ideas will apply in your company.

How is your company saving money? Have you made any cost-cutting suggestions to your clients? Please add your own experiences and suggestions to the bottom of this story.

Sample ideas for cutting expenses:

  • Switch from cell phones to pagers
  • Eliminate bottled water deliveries
  • Cancel the DSL line
  • Trim the office supply budget by using less expensive items and by recycling paper
  • Lower company contributions to employee health plans
  • Change from color to black-and-white print advertising
  • Purchase fewer manufacturer brochures
  • Switch banks to get a lower rate on credit card processing fees
  • Turn down the heat
  • Outsource payroll
  • Solicit employee contributions to pay for office soft drinks and snacks
  • Teach current employees new skills in order to bring in-house jobs that had previously been contracted
  • Shorten night shift and other off-peak hours
  • Cut back on attendance at national meetings and conventions

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