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Updated by Eric Regan on Oct 23, 2015
Headline for 3 Ways to Cut Costs and Make Your Business More Profitable
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Eric Regan Eric Regan
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3 Ways to Cut Costs and Make Your Business More Profitable

All businesses experience highs and lows. There are times when your products are in high demand and customers are paying on time. But unfortunately there are the times when your money is walking out the door faster then it’s coming in. All businesses should take steps to cut costs in anticipation for the times when cash flow is at a lull. Cutting costs can be simple by checking every angle, cross-training employees, and switching to a business VoIP service.

1

Check Everywhere

Check Everywhere

The most important step for you to take as a business owner is to examine all aspects of your business. You should take an all hands on deck approach by asking your employees to examine their processes and procedures. Often times processes can create savings by cutting back on materials or time spent on the project. Something as simple as examining the space you rent can reveal savings. If you’re in a space that is too large for your business, you can reach out to other businesses to rent the space you are not using. Also, making sure that heat, air conditioning, and lights are off when your business is not in operation can bring in huge savings each month.

2

Cross Train Employees

Cross Train Employees

All employees face issues like sickness or family emergencies that cause absence from work. A hiccup like this can negatively impact the way a business runs. In some cases, temporary help needs to be hired to make sure the work of the absent employee gets done; however, it’s in your best interest to cross train employees you already have. This is not only beneficial to your company, but extremely cost efficient. Be prepared by teaching your employees new aspects of the company they work for, you may even see some leadership qualities you didn’t know were there

3

Change Your Phone System

Change Your Phone System

Switching over to a business VoIP, or voice over Internet protocol, is a technology that gives businesses phone service through the Internet. Switching to this service can save a lot of money over a traditional phone bill. Not only will you save money, but also there are additional services VoIP offer that a regular phone lines doesn’t.