business cost reduction – Pennysaverblog

Business

5 Ways To Cut Restaurant Startup Costs

There are a lot of people who dream of running their own business. Oh, but it’s one thing to dream, it’s another thing to make it a reality. And so, if you happen to be someone who has always wanted to have your own restaurant and you’re currently in the process of opening its doors, let us be the first ones to say “congratulations”. That is definitely an awesome achievement. And also a huge responsibility.

So while you’re running around getting all of the final things in place, we wanted to provide you with some ways that you can cut your startup costs. That way, you can spend your time enjoying your profits rather than worrying about incurring debt.

Have some energy-efficient items in your restaurant. Something that you definitely want to stay on top of is your energy bills and there are several ways to do that. For one thing, look for appliances that have an Energy Star label on them. Have automatic faucets and low-flow toilets installed inside of your bathrooms. And make sure to use LED lighting throughout the restaurant. These things combined can easily save you 30-40 percent annually on your energy costs.

November 16, 2013

Business

How To Trim Costs For Your Small Business

Running a small business is a constant balancing act. You may not have the same overhead as major corporations, but you also don’t have the massive budgets that allow them to operate from month to month without having to worry about whether or not they can pay their lease, their employees, and all of their other costs. In short, you need to plan carefully in order to make sure that you don’t overextend yourself. But since you can’t always count on your business to earn enough to cover costs, and your expenses can vary from one month to the next, you might be on the lookout for other ways you can hedge your bets. Trimming costs whenever possible is one good way to address your issue, and here are just a few tips to help you along the way.

Your knee-jerk reaction may be to move to a less expensive location or cut your headcount, but if your location is bringing in new business and you have enough work to necessitate your current level of staff, such decisions could end up being major mistakes for your business. Luckily, there are other ways you can cut your costs that won’t be so detrimental to your operations. For one thing, you might consider paid internships as a way to supplement your staff rather than hiring on full-time employees to attend to simple tasks like filing, data entry, and so on. This could help to reduce expenses while maximizing efficiency, and hence, profitability.

January 31, 2013