A former senior financial executive with more than two decades of leadership experience, Reid Hackney served as the CFO and vice president of A’GACI, LLC, until his retirement. Prior to that, Reid Hackney spent several decades with Ascena Retail Group and was responsible for growing one of its retail brands and implementing cost-cutting strategies to maximize revenue.

Below are several ways businesses can cut costs:

Reduce office space costs 
Depending on the area, businesses may be able to reduce their office space costs by finding a cheaper space or renegotiating with their landlord. Some companies may also be able to eliminate or decrease their office space to save money by moving operations to a home or mobile unit.

Decrease miscellaneous spending
May businesses waste money by purchasing unnecessary products, such as stationary or supplies. These costs may seem minimal, but eliminating them can add up to huge savings over the course of a year. Further, companies should avoid spending money on equipment that they don’t use regularly.

Lower staff expenses
Lowering staff costs doesn’t mean companies need to fire personnel. Instead, they may want to look for periods during the year when things are slow. During these times, companies can talk to their employees to find people willing to take some unpaid time off until things pick up again.

Cut advertising
In most cases, businesses don’t spend more than five percent of their revenue on advertising. However, when money is tight, this five percent can make a big difference. Companies can reduce their advertising costs by focusing on online marketing, such as social media, carrying business cards, or cold calling.