If you’re like many small businesses these days, you might wonder how else you can save money after what may have already been a belt tightening year. According to Troy Vosseler, co-founder of Gener8tor, a concierge Startup accelerator in Wisconsin, getting your employees involved can be a big help in saving the company money. Here are a few tips he shares on engaging your team in the budgeting process:
Be transparent. Share the business plan and the financial picture so employees know what’s coming in, what’s going out and how it all comes together. Show employees they have role in the business’s success and update them regularly on the company’s progress.
Be a role model. Employees take their cues from the top, so model responsible spending behaviour, whether it’s spending on travel or buying new software.
Ask for ideas. Lead brainstorming sessions with your staff on how everyone can cut costs. Not only will you potentially hear some innovative ideas, but you’ll be creating buy-in, a great way to incent your staff to cut back on the expenses they incur.
If you’re wondering what your business can do to save money in the upcoming year, consider some of these cost-savings ideas:
Cutting costs may not be any business owner’s favourite activity, but it is one area in which you have some control. And chances are once you incorporate a few cost-savings measures in your office, you’ll be wondering why it took you this long to change your previous, less efficient ways.