The question that plagues businessmen and women of organizations large and small: How can i trim the fat? We asked four business pros.
Outsource
Deborah Novick, President, Larchmont-based Silver Lining Westchester, a business development and marketing firm serving small businesses.
According to Novick, outsourcing components, such as marketing and IT/Tech, could save money and, perhaps more important, time (there are plenty of local businesses dedicated to performing other businesses’ time-sucking tasks). “If you have a technology staff, it may be that it costs you a lot more having them full-time than if you were to outsource to an IT company or service monitoring group,” Novick says. “You could pay on an as-needed basis.” By outsourcing, you get the most efficient use of your money and time. “Time is a solid cost that you can never get back.”
Analyze Your Spending
Deena Kaye, Director, Expense Reduction Analysts, Westport, CT
The best way to begin cutting costs is by doing “an analysis of your spending,” Kaye says, by going through bills with a fine-tooth comb. “You’ll often find mistakes in billing.” Kaye recommends keeping a watchful eye on lease agreements for office equipment, such as copiers and printers.
Trade (Info) In Your Trade
Ron Stytzer, President, Antun’s of Westchester Catering and Events, Elmsford
Stytzer recommends using social media and industry-specific networking sites to connect, inform, and learn. “We communicate with people in the industry on what we’ve done to save costs,” he says. “We learn something from them, they learn from us. We can all in turn wind up saving money.”
Innovative Scheduling
David Walsh, President and CEO, Amalgamated Life, an insurance firm in White Plains
When Amalgamated needed to extend its call center’s hours (7 am to 10 pm), the company did not go on a hiring spree. Rather, flextime allowed, for example, many working mothers to work from 8:30 am to 3:30 pm, then return from 7 pm to 10 pm. “We cut costs, increased productivity, and increased employee job satisfaction.”
