Q4 is upon us and now is the time to make a few cuts to the business expenses. Often, over the year you have had changes to your business operations and these shifts can make old infrastructure unnecessary or redundant. The objective is to cut expenses that will add money back into your bottom line without affecting your operations. This is not the time to make cuts that will prevent you from servicing your clients or continuing to grow.

Use this list to help you identify areas where you may be able to save money. 

1.  Negotiate with your landlord for improved lease terms. 

2.  Sublet unused office space. 

3.  Pause unnecessary maintenance and upgrades.

4.  Sell equipment you don’t need or use, thereby reducing storage costs.

5.  Negotiate a better mobile plan based on lower cost per device if you have grown, or downgrading the plan if it is unnecessary.

6.  Use a smart thermostat to reduce heating and cooling. 

7.  Replace business meals with coffee meetings.

8.  Reduce travel by using videoconferencing. 

9.  Go paperless whenever possible, which is a win all around.

10.  Negotiate with suppliers for discounts.

11.  Sell or return leftover supplies instead of discarding them. 

12.  Cut back on unnecessary inventory.

13.  Compare insurance policies to ensure that you’re getting the lowest rate. 

14.  Pay a higher insurance deductible to lower your monthly premium. 

15.  Review your ROI for your marketing methods.

16.  Cancel unnecessary subscriptions (magazines, newspapers).

17.  Cut any unnecessary overtime. 

18.  Maximize your tax deductions. 

19.  Automate time-consuming tasks with a service like Zapier.

20. Review your app subscriptions and ensure all are still being used.

Be mindful that cuts do not create more work for an already busy team and remember that time is money. Want some help implementing cost saving initiatives in your business? Book a consult call HERE.

What cuts have you made this year that have helped your business grow?