Question: What is one creative way I can reduce my business spending in the New Year?
Get Efficient With Expenses
"Everything adds up, so being resourceful when it comes to top expenses is important. Look into bringing on interns, temp employees, or Cloudsourcing (using Elance, oDesk, etc.) to reduce payroll costs so you only pay for the services you use. Or, try trading services with other companies to save on some things you would normally pay for (tradebank.com)."
@ALIGNEDSIGNS
Host an Internal Competition
"Host a competition. Offer incentives to anyone who comes up with the best idea: a small bonus, or extra vacation time. Not only does this get everyone involved in the decision-making process and more invested in your company, it should also guarantee that you’ll have at least a few decent ideas floated your way."
@steven_buchwald
Add Travel Expenses to Your List
"Historically, you couldn't deduct commutes as a business expense. Starting in 2016, New York will allow you to deduct subway cards, ferries, and any other form of public transport. We're going to start paying for all of our employees' commutes since the money won't be taxed."
Just Ask
"Reach out to all your partners and suppliers that have annual agreements coming up for renewal to let them know you'll be tightening your belt in 2016 and need to cut costs. More often than you think, you'll get an immediate concession. If not, you know which services you need to do some shopping around for."
@robertswisher
Challenge Everyone on Your Team to Cut One Expense
"Spend some time with your books to see where each team is burning the most cash. Challenge every person to come up with an idea of how to cut costs and offer 50 percent of the money saved as a bonus to whoever can cut the most."
@LisaCurtis
