Ask employees where the budget can be cut

Women's Business Grants - Women's Financial Fund

15 Ways to Find Extra Cash from Within Your Business
Tip # 15 Ask employees where the budget can be cut

Don't be afraid to ask employees where budgets can be cut, sometimes they can come up with both innovative budget cutting ideas but also they might alert you to an expense you thought was necessary but those working it "in the trenches" might know it really isn't needed.

Some employers are afraid to ask, but I don't subscribe to that method at all, after all, who would know it better than them? Just don't approach it in a "what employees" could be done away with approach, because then everyone will just try and make their position as "necessary" as possible. Instead, approach it as "I am wanting to cut $X from the expense budget over the next X months, any ideas on what you feel we could cut out to make this work?"

And don't be afraid to reward employees for successfully budget cutting. A $50 or $100 gift certificate to a popular local restaurant will go a long way to make the employee who saved you $8,000 in a month feel appreciative. And it will also encourage other employees to see what they can do to cut the budget too, in hopes of receiving one of those gift certificate rewards.

Back to the beginning

Donate/Apply FAQ Contact Us