Here are some ways to be thrifty, and to demonstrate that business trait to your employees and customers.:

• Be aware of “expense creep” – the idea that expenses are going to slowly increase over time, in a way that is not noticeable. Set some quarterly calendar time to audit your expenses.
  

• Involve your entire team in helping find ways to cut costs. Use their collective creativity to identify innovative and practical cost-cutting strategies. Measure those efforts, and use a portion of those savings in a way that celebrates the achievement.
  

• Use "internships" from trade schools/ community colleges/ high schools to provide labor for appropriate work. It benefits you through the savings by having a no- or low-cost intern, it benefits the student by teaching them some real-life business skills, and it benefits the community organization by providing resources for these programs.
  

• Investigate outsourcing as a way to get some jobs done on an as-needed basis, without having to hire additional staff to do this work.
  

• Put sales staff on partial commission. Begin by adjusting some of their salaried pay into a commission paycheck, so that part of their compensation is tied to how much is sold. Nor only will this reduce your fixed, costs, it puts the employee in a position to become more entrepreneurial.
  

• Re-negotiate terms with current vendors. Investigate alternative suppliers so you can be prepared to say “no” if your current vendor is unwilling to make any concessions. This can enhance relationships because you are approaching the relationship from more of a position of equals.
  

• There is nearly always a better, more efficient way to do things. Involve team members in helping to identify and eliminate waste and processes that don’t work.
  

• Restructure or refinance your current loans to lower interest rates, extend repayment schedules, and consolidate multiple debts. ·         Set goals and budgets for measurable cuts, and set calendar time to review & implement cost-cut strategies.
  

• Invest in durable equipment: Buy tools that are built to last. This may require a higher upfront cost, but it can save you
  money in the long run by reducing the need for frequent repairs or replacements.
  

• Upgrade technologies to reduce operating expenses and increase efficiencies.
  

• Sell off outdated and unproductive equipment and assets, allowing you to recover investments. Consider not only the financial implications, but operational benefits as well.