Fiscally Fit

>>Budgets are going to be in a squeeze this year, and trimming fat from your business could be at least as tough as losing those unwanted pounds you packed on during the holidays.

"Businesses are going to be facing the prospect of slightly lower revenues," says Aaron Sevigny, president and CEO of Bonita Springs-based Acadia Wealth Management. "If people are facing tighter budgets because they have less gross revenue, they need to make sure they’re spending money as efficiently as possible so they don’t become insolvent."

Sevigny and other experts offer these nine steps to take in 2009 to help you and your business save money.

1. Renegotiate your lease.

Your monthly rent and CAM (common area maintenance) costs could be lowered by 10 percent to 15 percent, says Sevigny. Put pressure on your landlord, just as the market is putting pressure on you. Businesses have bargaining power because a lot of commercial space is available, he says. "There’s not a line out the door of people willing to fill their spots."

Some landlords have waived rent for businesses for three to six months, says Karen Mosteller, a partner in Markham Norton Mosteller Wright & Co. business consulting and CPA firm, which has offices in Naples and Fort Myers. A hair salon client that expanded its space, but has suffered from a slowdown in business, has received free rent on the extra square footage for six months, saving $5,000 a month.

Trying to cut a deal on a lease is particularly vital for businesses facing bankruptcy. "[Landlords] are going to be forced to deal with this situation, because otherwise they’re not going to have a
tenant," says R.J. Dempsey, vice president of Acadia Wealth Management.

2. Shop around for lower fixed expenses.