Three Tips to Cut Costs: Strategies for Your Company

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Curbing costs is on the top of the priority list for business managers and executives in nearly every field.  Although it sounds very numbers-heavy, cutting costs is an art: a company must consider effectiveness and its long-term strategic goals when deciding which costs to target for reduction and how best to reduce them.

If your company is looking for ways to reduce costs in 2014, consider the following tips:

Pay close attention to cash flow.
Income and expenses only tell half the story of a business’s financial health.  The other half of the story is revealed by the business’s cash flow, or how much money is actually coming in and going out in any period of time.  To manage costs, pay careful attention to your business’s cash flow.

Make a plan that places large expenditures strategically throughout the year, so that your organization can leverage these moments for increased sustainable growth, instead of experiencing them as a unnecessary stress.  You can even ask employees to join in, offering incentives for employees who discover the most effective ways to cut business costs.

Buy what you need.
Monitoring your company’s cash flow will suggest places in which money can be saved – as well as places in which expenditures are necessary.  Buy what the company needs to continue a pattern of sustainable growth, but do not spend more for trimmings that provide cachet but not function.  For instance, leasing office equipment or working with temporary employees may be more cost-effective than buying the same equipment or making a direct hire.  Ensure you get the results you want, but do so economically.

Work with a recruiter.
Staffing firms specialize in matching top talent with the best positions available – and in doing so affordably.  By working with a staffing partner, your firm can reduce hiring costs.  Your staffing partner can screen applicants and recommend the best qualified talent, saving your own human resources staff time and money as they focus on other pressing projects.

At ABA Search & Staffing, our experienced San Francisco recruiters can help you find the talent you need without facing unnecessary costs.  Contact our team of experts today to learn more.

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