Medina Prima Grandis

Before your company starts taking drastic measures to lay everyone off payroll, it’s best to think of ways to cut costs first. Here are 10 ways to save money without eliminating your most important assets- your employees.

1. Skip Bonuses This Year
If your business is struggling to keep employees, eliminating bonuses may be the one way to avoid laying people off. If your employees want the best for the business, they will understand that this year maybe the year that bonuses will have to wait.
2. Reconsider The Office Re-Model
Peeling paint? Stained carpets? If you have a long list of maintenance that needs attention, it would be wise to do the necessary “must dos” but perhaps the larger office re-model should wait. If it costs the same amount of money to put in the shark tank that is on your list, verses lay two people off, you may need to reconsider.

3. Instead of Flying, Conference Call
Why send 3 people to Florida when you can easily make a conference call? Face to face meetings are important, but fuel prices and airfares are costly. It’s likely the company or organization you are meeting with is trying to cut costs as well.

4. Get a Water Purifier and Eliminate Bottled Water
Companies spend millions on bottled water every year. Instead of purchasing bottled water or spending hundreds on a water delivery service, consider a couple Brita filters or an alternative water purification system.

5. Make the Christmas Party a Potluck
Christmas parties can be pretty costly affairs. Instead of taking your whole staff out for a catered dinner, have the staff bring dinner to the office! It will encourage them to show off their creative culinary talents as well as make it a more personal event.

6. Upgrade Computers Next Year
If you are able to hold off one more year on purchasing more computers, screens or memory- you could save a ton of money. It’s amazing what a year can do and how fast it will fly by.

7. Delegate Work
Instead of hiring new staff to take on a couple projects that just came in- delegate the work throughout the employees you have right now. You can avoid laying off potential new hires in the future by simply delegating work within the current team.

8. Hire Interns
No one can underestimate the power of the internship. Interns need credit and your company needs free/ cheap labor. If your company has the room to hire interns for projects, you can help out an intern and save your company money.

9. Limit Advertising Budget
Advertising may be one of your highest costs. Take a good look at the advertising dollars that are going out the door. Where can you cut costs? Cutting out advertising doesn’t have to mean shutting out the world. Think of new creative/free ways to get the word out about your business.

10. Weigh the Risks
Think about it: What’s worse, laying off key important people or waiting a year on the office remodel or new computers? There is a lot to think about. Instead of making drastic decisions and immediately laying off your important staff right and left, consider going about it slower. Cut a little here and there and then if you have exhausted all options, then consider lay offs. Once you take a hard look around, you will be amazed at how much more money you really have.