Cutting costs without cutting quality: unreasonable?

You're probably wondering, "Can it be done?"

It seems that the less money seems to stretch, the more businesses are being called upon to reduce spending, slash the budget, consider laying people off.

It's suddenly not just a mantra repeated in the corporate world. It's happening in schools and small businesses, and as the presidential candidates love to say, from Main Street to Wall Street.

Business expert Katie Ford says it takes several steps, including consistently evaluating how you spend money. Do you agree?

Where we weigh in:

• Where does your money go? Itemized accounts of spending help you visualize places where you can spend less. Did you treat the office to new furniture resulting in a $200,000 shopping spree at the pottery barn? It sounds outrageous, but might not be that far off. Smarter spending will help the bottom line. 

• Look for suppliers and strategic partners who can add value to your business. A company like Threadless T-shirts is likely to incur costs for shipping their products all over the world. Are they getting the best deal on packaging materials and shipping labels?

• Buying used equipment might also help you pinch pennies

More Resources:

• Reduce shipping costs with Dymo shipping labels

• The New Frugal American