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While the federal government is trying hard to resuscitate the economy, it's still far from clear when things will improve. In the meantime, businesses really need to prepare for the worst. And this means keeping costs low.
To this end, it's probably a good idea to do an extensive inventory of your expense items. What do you need? What can you live without? No doubt, it can be an eye-opening exercise.
You might want to annualize the expense items. It can be surprising to see how seemingly small expenses can add up.
Once you have this put together, you can then reach out to your suppliers and vendors to see if you can get better rates. "It should be no surprise for them," said Devin Jopp, who is the Chief Operating Officer of SCORE (Counselors to America's Small Business). "Suppliers and vendors have spent a lot of time getting customers and it's expensive to let them go. So, they should be willing to renegotiate."
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