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How can I reduce unneeded expenses without laying off any of my employees?

I'm forced to cut back, but I'd hate to lose employees for obvious reasons. I'd like to hear what are other business owners doing?

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Answers (7)
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Aug 3, 2016
Cal Heseman
Gateway Business Brokers
Business Broker
Duval County, FL

Kira,

You might also contact SCORE (http://www.score.org/index.html) for free and confidential advice. Telecommunication costs have come down in the past year. You might want to have another vendor review those.

Apr 2, 2009
Carol Berry Helms, President
International Business Brokers
FL

Depending on company size, you may consider the following:
Tell your employees that you are not letting any of them go but in order to keep your doors open and their jobs secure, you must cut their wages and that if the economy turns, you will be willing to go back to higher wages. On each payroll check, personally write a note on it or attach a small note, thanking them for their understanding and committment to you and the company. No one wants to be jobless today and by everyone (including managers) in the same pool, it will create a family committment to each other and the company,

Apr 2, 2009
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Clay County, FL

Wow... as simple as your suggestions are, I didn't even think about trying to negotiate with my vendors. Thanks for your input Christopher!

Apr 2, 2009
Christopher Jenkins
Christopher Jenkins, CPA
Owner
Middlesex County, MA

For a month sign every check that leaves your office. You may be surprised what you are paying for. When you are signing those checks contact every vendor and ask them to sharpen their pencil. You may get pleasently surprised.

Apr 2, 2009

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