Have a cost cutting competition

Businesses are always trying to cut costs, and this is particularly important towards the end of the year, when cashflow has a nasty habit of drying up around the summer holiday break.

Of course, entrepreneurs are always spending time looking for expenses to lop, and it might be the last thing you want to do at this time of year.

So here’s what you are going to do: Outsource it… to your staff.

Tomorrow, you are going send around an office email declaring the Great Christmas Cost Cutting Competition is starting. Between now and the end of the year, staff will be invited to submit cost cutting ideas with a very nice prize – what cost they eliminate, they get to keep 20% (or more, if you are feeling generous).

They find a way to cut costs by a $1,000, they get to keep $200 of it. Slash costs by $10,000, and the staff member gets $2,000.

It’s an idea with everything – a bit of competition, a bit of team involvement, a bit of education for your staff about how the company makes money, and a bit of sugar for your bottom line.

So why not get it done – today!