This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

11 Ways to Cut Costs Without Layoffs

Stocks in this article: AXPEBAYFDX

With President Obama predicting that unemployment will rise to 10% this year, companies are getting creative about ways to save themselves and, hence, jobs. British Airways (BAIRY) recently asked its 40,000 employees to work for free. FedEx (FDX) CEO Fred Smith slashed his own salary by 20% last winter.

In taking cost-cutting steps before laying off even more staff and slicing the business to the bone, you'll be in a position to emerge from the recession stronger than ever. Patrick Engineering, for example, is now in the fortunate position of being able to hire "industry leaders" because it shaved costs on an annualized basis to equal about 10% of its revenue, says Jeffrey Cousens, vice president of organizational development. "Also, because we didn't have to cut staff significantly, we won't have to spend money on training a large group of new employees as the country comes out of the economic downturn."

The paper trail can be costly: Despite our reliance on computers, too many of us still crave that invoice or order request on paper. Well, that comes at a hefty price, as shoe designer Eileen Shields discovered. When she went over her expenses line by line, she realized that the factory she used sent paper invoices via FedEx. By having the documents emailed to her instead, she saved herself $1,000 in FedEx fees alone.

Office etiquette is changing: Once, not too long ago, when you hired someone, you provided him with telephone, a computer, and all the accoutrements of office life. But is that really necessary? No, realized Janine Popick of direct marketing firm VerticalResponse. "We have 80 employees and 30 of them never use their phones," she says. "They would take calls on their cell phones." She not only saved $120 per handset, she also cut down on her phone bill.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs