Get a competitive rate for health insurance

Health insurance is likely to be one of your biggest costs. Do you know if you have the right coverage at the right price? You may be able to cut costs and still give employees great coverage if you shop around

I recommend: Many groups can help you with health insurance, from your Chamber of Commerce to your trade association, which may offer group packages. For a comparison of plans, check out the Insurance Information Institute, the Life and Health Insurance Foundation for Education, America's Health Insurance Plans. To compare rates see eHealthInsurance.com, a full-service agency with links to many plans.

Set up Health Reimbursement Accounts

One way to keep costs in check is to establish health reimbursement accounts (HRAs) for your employees. Set up an HRA with your health insurance provider, and the employee pays for health care out of his or her account. When the balance is gone for the year, the employee pays health care costs out of pocket.

I recommend: First Horizon sets up and services HRAs. Learn more about HRAs at the DCU Business Library.

Cut back on paper

All those printouts and paper memos add up. Paper is expensive, and businesses are using more and more of it. Seek ways to cut paper costs, from putting expense reports and other forms online, to recycling. By one account, the average office employee generates 12,000 pieces of paper annually.

I recommend: Follow suggestions in this American Business Journals article to trim paper costs.

Log on to online banking services

Consider online banking services. Through an e-payment solution, you may be able to send out invoices, pay suppliers and receive payments from customers at a good rate, without having to spend as much on paper and bookkeeping.

I recommend: Netbank specializes in online banking for small business but all the major banks are now in this space as well. Learn more about the subject at this online forum.

Cut manufacturing costs without outsourcing

If you are a manufacturing company, take a hard look at your manufacturing processes and equipment. You may be able to cut costs without outsourcing by investing in maintenance of equipment so you have less downtime.

I recommend: Find out more about cutting manufacturing costs from Business Journal Online.

Scrutinize sick leave

Set standards that spell out when sick time or other leave time can be used and put together a system that gives managers information on absenteeism.

I recommend: Kronos software lets you manage absenteeism. See how companies set policies and procedures in articles from Workforce Management.