Ever wake up in the middle of the night wondering how much time and money your business is losing to inefficiency? You’re not alone. In fact, one of the biggest concerns of small business owners is the money spent and time wasted in their company. How can you find the right balance between running a leaner operation and investing in your business and its people, products and priorities?

TheWire offers these helpful tips:

1. Know when to cut your losses

If you’re spending time and money on an idea that’s going nowhere, pull the plug. Yes, fortitude and “stick-to-itiveness” are badges of honor for small business owners, but powering through simply for the sake of finishing is like cutting off your nose to spite your face. You may win while losing big in the process.

2. Use technology to stay connected

Skype, Yahoo Messenger and Google Hangouts aren’t just novelties for Millennials. They do a great job of keeping a disconnected work force in touch. From instant messaging and texting to audio and video conferencing, there are more tools to keep your work force connected now than at any other time in business history.

3. Eliminate unnecessary business travel

Even when you need to get together, technology can help you do it at a fraction of the cost of conventional business travel. Networked phone solutions offering video calls and web conferencing can save money on long distance airfares, hotel stays, rental cars and more while bringing your staff to new levels of creativity using cutting-edge technological tools.

4. Reward with recognition

Surveys routinely show that employees at small- to medium-sized businesses often seek recognition for their accomplishments in their jobs in addition to their pay. So instead of simply handing out cash rewards for higher performing individuals, try some of these money-saving recognition tips on generating goodwill and team effort from your key players.

5. Avoid managing by email

Email can be great for one-to-one communication, but management by email systems can be a drain for small businesses. Email can lack context, impede communication or drag others into a time-consuming web of CCs, BCCs and reply alls. When open dialogue can get it done faster, gather the team together for a discussion instead. More often than not, you’ll get to the heart of an issue quickly.

Operating a small business is hard work, and costs can often spiral into unchecked spending areas. Follow some of these tips above to reduce waste and improve your bottom line.