Cutting costs is one of those necessary evils of doing business. But before cancelling that advertisement, look at the big picture.

Indiscriminate budget cuts can produce a negative mindset that takes away from positive goals, says Mark Wardell, president of Wardell Professional Development in Toronto. “You can get yourself into a mindset that we’re in tough times and we’re not going to make it.”

Try these steps to cut costs:

> Work And Save As A Team

Involve team members in brainstorming to cut costs. Bonuses are often based on the bottom line, so team members have a lot at stake, says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto. Getting them involved will also boost morale.

> The Savings Game

To find some unusual solutions Wardell suggests being creative by “playing the savings game.” Look through all of your expenses and come up with two or three ideas to reduce each one — no matter how unorthodox the strategy.

> Going Green Is Also Cheaper

Simple practices to “green” your office will also help your budget stay in the black. “If you’re turning your lights off, if you’re saving paper,” says Wardell, “it’s environmentally friendly and you’re going to save money.”

> Client Appreciation Costs

Client events are good ways to build relationships, but they don’t have to be elaborate. Says Ferguson: “If you do a lot of research, you can find things at a reasonable cost.”

> Marketing Partners

Although it’s tempting to cut marketing budgets first, Wardell says, this approach restricts future growth. Instead, try partnering with other non-advisor professionals, such as a lawyer or accountant who also works with your clients. IE