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There are many small steps that a company can take to increase profits. Here are six simple cost-cutting tactics that can lead to significant savings:
1) Improve collections Instead of waiting for an invoice to be late, call the customer the day before the payment is due to make sure you received their invoice and that it is scheduled for payment. If they say they haven’t received it, tell them you’ll fax another one immediately. This tactic alone has proven effective in substantially reducing payout times.
2) Save pennies Cut costs where you can. With a business, you have five main cost areas: 1) labor; 2) Rent; 3) Inventory; 4) Equipment; 5) Marketing. Save on costs like rent and equipment, and you’ll have more to spend on the things that make you money: stocks and marketing. Before you spend a lot of money on high-end offices, accessories, or tomorrow’s technology, consider other less expensive ways. Look at your costs each month and graph the changes because they are usually upward changes.
3) Email instead of phone Use email or text instead of playing phone tag. Make sure your business email address is on your stationery, business cards, invoices, advertising, and anything else that reaches your customers or prospects. For example, on invoices include the email address of the account and include a line from one of your testimonial letters. Oh, you can also include an excerpt from a testimonial letter in your quotes, quotes, advertisements and statements. After all, you’re paying for the paper, printing, and postage, so you can use them for advertising, too.
4) Compare bank prices Banks continue to add fees to try to recover more of their costs. You should carefully review your accounts. Look at the best offer from the banks as you would with your providers. You may have grown up and need a new type of banking relationship. Always be prepared to negotiate because you may be surprised how your bank deal improves when you stand firm.
5) Reduce printing costs If you have business cards or large amounts of printed stationery, it might be worth shopping around. Contact local printers, mail-order printers, or search online to find out what kind of deals are on offer.
6) Plan to save money Make sure that every dollar you spend has a return. A good example is advertising. If you can’t earn $5 for every $1 you spend on advertising, look for more profitable alternatives, like direct mail or referral marketing.
The best dollar you’ve earned is the one you don’t spend.