Cost Cutting: Use these examples for setting employee performance goals. Help your employees master this skill with 5 fresh ideas that drive change.

Cost Cutting is the ability to reduce costs or workplace expenses that may be excess costs that can be limited.

Cost Cutting: Set Goals for your Employees. Here are some examples:

  • Allow employees to work from home few days a month in order to save on commuting allowances
  • Replace dedicated desks with a few collaborative workstations for home-based employees to use when they visit the office
  • Shop around before purchasing a product in order to get a better pricing and save on operation costs
  • Make sure to pay invoices early in order to avoid any penalties from late payments
  • Query the company's professional consultants; ask the company's attorney, insurance agent or accountant for ways to cut back on their costs
  • Learn how to write press releases for the company rather than paying a consultant to do it
  • Print double-sided by default or reuse waste paper for notes or scratch in order to save on paper
  • Try as much as possible to run from the law by learning how to solve problems before they get to a point where attorneys are involved
  • Tighten up the company's processes and procedures in order to reduce both material and time waste and therefore, decrease costs
  • Take a look at the company's expenses over a period of time and cancel dormant services and contracts

Cost Cutting: Improve and master this core skill with these ideas

  • Reduce supply expenses - Office supplies can be quite expensive if you don't shop for lower prices. You can save money by contacting vendors to let them know your price shopping. Besides your pool of traditional suppliers, allow yourself to view others as well to see the difference in prices.
  • Minimize production costs - A wise business owner is always finding ways to reduce material costs and maximize the resources.
  • Use effective time management strategies - Time wasted is never recovered and amounts to a lot of dollars lost. Using productivity effectively minimizes the cost of doing business
  • Lower financial expenditures - Look at all your business accounts and insurance policies and see where you can get to save some money.
  • Leverage the virtual technology - Minimize business costs by working virtually whenever possible.