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Outsourcing kind of has a negative connotation, but at its root, it can be a great way to save money without sacrificing the quality of services. Virtual assistants can help with all sorts of tasks, and you only pay them as needed—no regular employees to maintain on the payroll. Work with independent contractors and freelancers when you can. You might also consider human resources outsourcing, which can relieve you of the many administrative tasks required when you have employees, such as managing payroll; many of these companies, acting in a capacity of co-employer, can also offer services that can help you retain and attract good employees, such as better health care plans and federal protections they may not otherwise be entitled to , depending on the size of your business.
When in business, there are lots of things you may spend money on that, while helpful in some way to contributing to success, are not crucial in that very moment. If you feel the need to tighten the purse strings a bit, stop spending money on such discretionary items. Maybe you want to hire a few new employees, but if the business is getting along fine with your current staff, hold off until the cash is flowing a bit more freely. Sure, a remodel can really help bring your vision of the store to fruition, but if it is for purely asthetic reasons, it can wait. Unless an expense is absolutely necessary at this juncture, put it on the backburner for now.
Accepting credit cards can be good for business, but this convenience comes at a cost in the form of processing fees. The menu of charges are deliberately complicated, and sales reps are banking on the fact that you are too busy to comb through the specifics and really do apples to apples comparisons of different merchants. While it may take some time, it would behoove you to get the best rates possible for this service so you can free up that cash you so need. Get several bids and consider buying your own equipment.
Keeping employees happy is crucial to the success of any business, but when it comes to cutting back on perks and benefits rather than having to fire people, most will be happy to keep their jobs, even if they are no longer getting their gym membership subsidized or a top-notch dental plan. But, no matter what you do, do not cut health insurance benefits. Most people rely on their employer to provide health coverage and if you get rid of this, you may find a lot of employees looking for a job elsewhere. Raising co-pays or increasing employee contributions may be necessary.
Kelli Cooper is a freelance writer who blogs about a variety of business topics.
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