If you are a business owner and controlling costs at your company keeps you up at night, you are not alone. According to a recent nationwide survey conducted by SunTrust, almost half of small and midsize companies—those with annual revenue between $2 million $150 million—feel only somewhat prepared to control expenses in the near future. One-fourth of businesses said they feel unprepared to cut costs.
But there are strategies that you can implement at your company to start reining in expenses now. Investing in technology and equipment to improve productivity, renegotiating contracts, outsourcing and automating expenses are measures that can help you uncover savings—directly boosting your bottom line.