You may be pouring over reports looking for the best places to cut costs, while your best resources are right outside your office door. If money is tight, it’s reasonable to assume that your employees realize this too and feel anxious without feeling like they can do anything about it.
One way to keep employees informed and engaged, while getting great cost cutting ideas, is to brainstorm with them about how to trim costs. They may see places where you’re overpaying that you’ve missed or know about a free program online that can do as good a job as software you’re considering purchasing. And by involving them in the process of cutting back the budget, you also make your employees more aware of financial limitations, and they can help you by making budget-conscious decisions in their day-to-day work. Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.