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Tips to avoid Waste Expenses



Serious expense reduction requires serious thought and an organized approach so that you

can reduce waste without impacting the quality of your services and products.


Here are a few Cost-cutting Tips we use/plan to use at RAD :


1. Outsource - Working with contractors based in cities with a lower cost of living often

charge lower rates, helping you reduce costs.


2. Hire Remote Workers and Freelancers - A remote staff means fewer sick days and

higher productivity levels. This definitely can save you money on office space, Higher

hourly rates and they don’t benefit.


3. Review all expenses, even the little ones - You can’t manage something which

you don’t track. If you are not keeping a record of all your expenses, you should start


doing it right now. Sometimes we unconsciously ignore small expenses that can pile up

quickly over a period of time.


4. Create A Budget To Succeed - Budgeting and financial management must be a

focus so that you can avoid common mistakes. You just can’t make smart financial

decisions if you don’t actually have a clear idea of how much money is coming in and out

each month.


5. Check for unnecessary expenses – A study shows many small-business owners

end up with expenses over time that they no longer need. It is recommended to review

your budget with a magnifying glass and make sure all of your expenses are still

necessary.


No matter what level your business is currently on, from the start-up phase to a well-

established one, cutting business costs is always in the back of a business owner’s mind.

Try a combination or even all of the tips above to reduce business costs at any point that’s

needed.

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