The Thrifty Manager

Cutting Costs the Smart Way

There are smart ways to trim your costs.

© iStockphoto/bluestocking

Your boss has just asked you to cut at least 10% from your department's budget, starting immediately. Easier said than done, right?

As you carefully study your expenditures, you're faced with a seemingly impossible task. How do you decide what to cut? Where can you save the most money without hurting team morale, or lowering people's productivity?

Should you eliminate coffee and morning doughnuts, or cut back on office supplies? Is it worth spending a small amount of money making the office more eco-friendly, to help you save later on?

Most organizations have to cut costs at some point. In today's economic climate, it's more important than ever for businesses to watch their budgets, and to make sure they eliminate any unnecessary spending. When cost-cutting is down to you, however, it can be difficult to know where to start. Cutting the right things at the right time is a delicate balancing act.

In this article, we look at some easy ways to cut your budget, and offer some suggestions to get you started.

Where to Start

Once you sit down with your budget, there's a chance you might feel overwhelmed. While your team might not need everything that's on the list, some items – like company vehicles or holiday parties are nice to have.

If that's the case, where do you begin?

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