In Go Broke, Die Rich: Turning Around the Troubled Small Business William Manchee makes a valid statement, “Many small businesses are doomed from day one, not from competition or the economy, but from the ignorance of their owners . . . their destiny is already decided because they have no idea how a business should be operated.”
Here are tips to cutting costs:
Reduce Staffing During Slow Periods
If possible, try to reduce the number of full-time staff you employ. Part-timers usually are not eligible for benefits and are accustomed to having flexible hours. If you realize that you are over-staffed during slower periods, it is easier to send part-time workers home because most of the time they are not salaried employees. Think carefully before you add a full-time worker. Assess whether you truly have enough work to keep that person busy for 35 or more hours a week. Please share.
Sublet Office Space
If you don’t need a lot of room, see if you can rent space from another business that has an extra office available. Why maintain a lease of your own when you can sublet the exact amount of space you need–possibly at a reduced cost? Conversely, if you have extra space available at your own operation, see if someone will sublet from you.
Read more at Inc.