Well many businesses are not so fortunate to be in the capital market limelight, so they need to resort to draconian, penny-pinching methods to stringently control CASH (which, if you as any accountant, is King!).
Here are a few techniques worthy of consideration:
1. Use the Internet - use listservs, i.e. email lists that you subscribe to that are focused on a specific topic or enthusiasm, to network with other businesspeople who may pass along useful suggestions. Check out http://wwwac.org.
2. Take Advantage of Group Purchasing Discounts - try looking for discounts through industry groups; and, credit cards are an excellent way to save, AmEx is giving discounts of up to 10% off some purchases.
3. Find Ways to Audit Significant Operating Expenses - cut costs on every single line item. If you are brave, hire an auditing firm on a contingency basis - even a 50% split is a good deal!
4. Keep Hiring Costs Low - make multiple hires or consider swapping a small piece of equity in the company to reduce upfront costs. If you can outsource it, then why hire it?
5. Sometimes, Just Say NO - try figuring out your fixed expenses and your variable expenses, and try not having any variable expenses for 1 month - reduce annual expenses, boost productivity, and improve the bottom line.
6. Think Holistically - setting cost cutting targets is out; rethinking every single expenditure from the ground up is in!
If you are strapped for time, as most entrepreneurs are, it pays to prioritize your efforts according to the size of their possible impact on your bottom line.
Chop, Chop, Save, Save - All the Way to the Bank!
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