Getting a more accurate headcount and using local vendors can cut down on costs
Though the economy may be on its way to recovery and small business growth seems to be on the horizon, many Canadian small business owners are still finding their resources limited and are looking for ways to keep costs low.
One area that may be deceptively draining unnecessary resources is meetings, reported meeting planning and event production company Cadence.
The company reported that there are steps small business owners can take to reduce meeting costs without sacrificing productivity or employee morale.
For example, getting a more accurate headcount - and more detailed information about attendees' preferences - can help cut costs. For example, if certain employees at breakfast meetings prefer to only drink coffee instead of having a bagel, it can help reduce food costs.
Furthermore, for businesses that rent spaces or cater their meetings and events, it may be worthwhile to use a small, local vendor or location. This is often more inexpensive than a chain or big business, Cadence reported.
One thing Canadian small business owners should not sacrifice in their attempts to cut costs - in meetings and elsewhere - is employee morale, the Ordre des conseillers en ressources humaines agrees recently reported. Employees are particularly vulnerable to low morale and job satisfaction right now thanks to the economic downturn, so small business owners should prioritise morale programs and incentives accordingly, the agency said.
