Your Company's Own Personal Debt Ceiling. It All Starts With Spending Cuts.

We've all heard just about enough from Washington on
the debt issue that culminated in sorts with an S&P downgrade. As citizens, what do we do now?  We can write our elected officials. We can choose sides and verbally assault one party over the other. We can picket in the streets. But what will that accomplish? Nothing really.

What might cause true change is if every able American makes a choice to tighten their belts. The economy is, after all, comprised of the people and their actions. If every person who has the ability to do so, reigned in their own personal spending, consumer debt would fall, and over the long haul, good things would happen.

TREAT YOUR BUSINESS LIKE YOURSELF

Have you devised a true, long-term strategy to ease your company's debt centered around spending? If not, maybe it's time you take the 'DO WE REALLY NEED THAT' test. Yes, you need employees, computers, pens... you may even consider your company microwave indespensible. But what about those other things that border on 'luxury'?

MARKETING COSTS
Have your marketing costs ballooned recently? Now, one of the biggest mistakes businesses make in tough times is to cut marketing spending. Nevertheless, marketing is one of those areas in which you may be able to tighten the budget without seeing too much of a decline in results--if you cut responsibly. Are you paying for print ads that provide minimal results? If so, consider shifting those dollars back into your pocket. For a while at least. Maybe you've been spending a boat load on SEO or pay-per-click ads but aren't certain if it's worth it. Now may be a good time to re-evalute that cost. Take a similar approach to other marketing costs and you may begin saving money without the negative drag on your bottom line. Caution is wise here, though. Often, marketing produces revenue that you may not even be aware of.

TRAVEL
Airfare is costly but many business owner or managers value a 'face-to-face' too much to cut traveling. But what if you cut out just one-quarter of your travel expenses by using online meeting services like Gotomeeting? You just might be able to save thousands of dollars without effecting valued relationships.

NEW EMPLOYEES
Maybe you need to hire a new employee to handle an increased workload but overlooked the possibility of hiring an intern. Some interns come free, others don't cost all that much, and with today's economy, you may even be able to land an intern who already graduated college but can't find a job. They may be willing to work for a minimal salary, or even no salary, in exchange for experience. And you may be pleasantly surprised by their abilities.

COMPANY EVENTS/SHOWS
Normally considered a necessity by many businesses, trade shows may not always be as effective as you believe. Consider the last few you've attended and what you gained. You may have made lasting relationships that will increase revenue. But if all you're getting out of shows are information, then consider getting that information online, if possible. Use LinkedIn to meet people in your industry. Read blogs or white papers from gurus in your industry. There are many ways to learn online. And they are, for the most part, free. 

PARTY TIME
Parties are an effective moral builder. But if you're planning on spending big bucks on that holiday party later this year, maybe you could tone it down a bit. Or--and this might sound depressing--cancel it. Your employees might be bummed, but if the alternative involves job cuts, they just might understand.

TRADE
An ancient yet still effective business practice is to trade goods or services. Give it a try, hopefully there are opportunties for you to save by bartering. For example, if you're an accountant, maybe you can offer your services to your attorney in exchange for hers.

There are, of course, many other ways in which you can cut costs. Think hard and if you'd like to share, please leave a comment.