388590_waterman_ball_penIf you’re faced with the difficult decision of what to cut when times get tough, we suggest you stop considering laying someone off right now. Your employees need you just like you need them, so instead of taking that route, check out these two creative ways to save some money in important areas.

Virtual Technology is Your Friend

There are many companies that now participate in meetings virtually. Instead of meeting face to face, business is done over the Internet. As long as all of the connections are reasonably fast and everyone is focused, virtual meetings can be just as effective as meetings done in board rooms. Not only will it save many people time because of traveling costs, there doesn’t have to be any cost associated with physical space required for meetings.

Technologies like Google Drive and Dropbox can also facilitate the exchange of important documents without the need to put postage on anything. Not only can documents be passed around, they can be edited. Once edited, all of the changes appear on the document so printing another copy of the document isn’t required; all problems were solved digitally instead. This can save on printing costs as well.

Keep Your Focus More Focused

Which of your strategies are effective in improving your profit? Those are the strategies you should be putting resources into. If you have to choose between ten venues that make you minimal profit and one that makes more than that, choose the one, and focus on continuing to push your brand in that location. You can also limit the number of services you provide. Not only will you be able to do a more professional job at those services, you’ll be able to be more productive. Specializing in a particular area means fast and quality work.