Top 10 Tips for Reducing Your ExpensesMark Wardell
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The document provides 10 tips for reducing business expenses: 1) Reduce overtime by preplanning work schedules; 2) Create a budget to set and reach financial targets; 3) Nurture a cost-saving culture by involving employees in the budgeting process and making them accountable; 4) Hold a "savings game" brainstorming session to generate cost-cutting ideas for each expense line item. Other tips include 5) Negotiating and renegotiating costs regularly; 6) Decreasing waste throughout the business; 7) Decreasing unnecessary inventory; 8) Implementing energy efficient practices; 9) Partnering with other businesses for marketing; and 10) Standardizing and directly enforcing accounts receivable policies.