First and foremost, I want to acknowledge those of you who have taken action and applied some of the ideas/tools I’ve suggested. I also want to thank those who have emailed me questions. Continue to be proactive about your business. Complacency has no part in a successful business.
Smart Thinking
1. ASK! I can’t stress this enough. We all know that if you don’t, it’s very unlikely someone is going to offer you a better price, deal or discount. So…ASK! Just treat people with respect and be friendly…and then ASK! And don’t forget about your vendors, clients, attorneys, insurance agents, accountants, everyone…ASK! You’ll be surprised how far it will get you…and how much money you’ll save.
2. Get it in writing. Whatever it is, whatever deals you’ve got going on, nothing is too big or small. Have it in writing…so it can’t come back to bite you or your business.
3. Know the rules of engagement. If you’re doing interstate or international business, the responsibility is yours to know what you can or can’t do. The last thing you need are careless fines or lawsuits. Additionally, depending upon who your customers are, for instance big box companies like Target or Wal-Mart, charge huge fines (chargebacks) for errors in shipping and documentation. Again, many of these can be avoided by just doing your homework.
4. If you’ve got a product or service that others want…and I trust you do…then you might be able to save money by bartering. If someone’s got what you want, and vice versa, this could be a win-win for you both.
5. Make sure your finance department knows if there are any discounts or incentives for early payments to vendors. If cash flow is not a challenge for you, then take advantages of opportunities that might exist. And on the flip side, when there are no incentives, pay as late as you can without incurring fees. Hold onto to your money, have it working for you…unless there’s a very good reason not to.
6. Shop around. Check out the local shops, look online, get bids from vendors and manufacturers – spend wisely.
7. I’ve mentioned this in previous blogs – join associations and trade organizations. You might get access to discounted products and services, like travel, insurance, preferred vendors, etc. The annual fees may be hefty, but you’ll have a weigh out the benefits.
Lots of great idea. Save a little or save a lot. I suggest the latter. Good luck.
If you’re interested in a consultation or have questions, please email me at Robert@RobertFinkelstein.com. If you have any comments, please write them below.
I’ve offered quite a few tools to start saving money in your business. We’ve covered 
1. There are important banking and credit card decisions that can save you money…or make you some. If you actively use cards and run a balance, shop around for low interest rates. They really vary. Ask you’re existing accounts to lower your rate – if they have an existing promotion going on, they might just do it. You don’t have to be loyal to one bank. That’s old school. And if you are in the habit of taking cash advances, keep in mind that most banks charge 2-3% fee up front and then the interest starts immediately. Some banks offer 0% for 6 months. They’re out there, you just have to find them.
4. Now this one is very important…and a bit confusing…so bare with me. If you are paying a manufacturer or vendor for product upfront and then selling to various retailers, you’re going to be out of pocket for what might be quite a while. If you have ongoing contracts with retailers that take your products as soon as you get them, they’ll probably demand terms for payment. Net-30, Net-60. They’ll want to pay you 30-60 days after receipt of goods. This could mean you’re out the money for 2-3 months. Keep this in mind when negotiating and managing your cash flow. If not managed well, this can kill your business.
It’s been a few days, since my last entry, so I trust you spent some time evaluating your businesses. Are you doing what you need to do in order to save money in your business? Saving in one area will allow you to put that money to other areas…or put it in the bank for a rainy day. Let’s start today looking at Shipping.
1. U.S.P.S. The U.S. Postal Service offers a lot of great value if you know what you need and what to ask them. Check out the various box sizes they have that allow you to ship any weight, as long it fits in the box. They can help you clean up you mailing lists, getting you zip codes + four numbers, bar codes, bulk rates, etc. Their international expedited rates are very competitive as well, but they don’t track door-to-door, as FedEx, UPS, etc. do.
3. If you ship internationally, talk to a rep from each of the major carriers. They will compete for your business and, in my experience, will provide solutions you probably didn’t think of. They get you set up online, with the software and equipment you need.
Over the past week I’ve offer up some money saving solutions that I hope you’re seriously considering. We’ve covered 
1. One of the unavoidable expenses, and for a good reason – it’s necessary! So be prepared, but don’t over do it. Make sure you work with a trusted agent and buy only what you need – not too much and not too little. It will save you money in the long run. Knowing your business and what would be catastrophic is very important. Make sure you’re adequately protected. If something terrible happened, you don’t want to be out of business…permanently.
3. If you’re part of a business or trade association, look into whether or not they offer group insurance. Many do, and this could save you plenty.
I trust you’re finding these ideas helpful. Some of these suggestions, when implemented, will provide immediate savings. Others will yield results over time. Whatever you do, don’t sit back and watch money being thrown away because your business is not being well managed. It’s hard enough making it in the first place. Let’s work on holding on to as much as possible.
1. Buy used furniture, computers and equipment. You can save a ton and not give up any quality. Look in your local Yellow Pages, Craigslist and on eBay for great deals.
4. Another area to look into is free software. Usually, it’s downloadable. It might come with all the bells and whistles, but it might be all you need for your business.
Let’s continue to explore ways to save you money in your business. Thus far, I’ve offered up ideas for staffing, promotions and location. Depending upon your business, different suggestions will resonate more or less with you. Find what makes sense, and give it a try. I’m confident you and your bank account will be grateful you did.
1. Set up your website for less. Even if your pockets are deep, you don’t have to spend money unnecessarily. Check out 
Saving money in this economy is no easy task…although, if you use some of my suggestions, you will definitely keep a few more dollars in your piggy bank. Yesterday, we looked at ways of managing your team, outsourcing, utilizing independent contractors and other solutions. Today, we’re going to tackle two different areas that if managed properly can have a huge impact on saving money in your business.
1. Get referrals. Ask friends and satisfied customers for their help…and it’s free.
1. Make sure you don’t bite off more than you can chew. Lessees are negotiating right now. A lot of properties are going unrented month after month. You should be able to get a very good deal. Don’t accept the asking price.
If you own or manage a business, then you’ll want to follow this series of blogs very closely. Over the next week or so, I will provide lots of great thought-provoking ideas for saving thousands of dollars in your business by making smart strategic cuts and being more efficient. Some of these will also result in making more money. It’s a nice perk when you’re focusing on saving some.
