Great Ways to Save Money in Your Business (Part 8)

Saving moneyFirst 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
Smart thinking1. 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.
Save money4. 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.

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One Response to “Great Ways to Save Money in Your Business (Part 8)”

  1. 33 weeks pregnant pictures Says:

    i just found this blog. excellent article. how long have you been writing? this is good writing. are you a journalist aswell? anyway, thanks again. subscribing to the rss đŸ™‚

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