Every Thursday, we introduce FIVE COST CUTTING TIPS. Here are our favorites for the week:
- Cut your rent!
In this economy we are hearing from people around the country telling us they have been successful in asking their landlords for a rent decrease. With businesses downsizing (or going out of business), commercial property owners have an incentive to keep current tenants in their offices.
- Cut your internet cost
I was surprised a few months when I called Comcast to tell them I was going to switch providers and they all of a sudden had a really great promotion for returning customers. I was able to decrease my internet charges from $75 to $50 per month – a 33% savings!
- Shop around for better pricing among your suppliers
Stardream papers are carried by a wide range of paper distributors nationwide. These papers can range from $0.30 – $0.60 per sheet. (When you multiply that in the 1000s, that’s a lot of $$$.) Stationery suppliers and designers could be paying more than twice from one vendor to another. Finding the lowest price supplier can have a direct impact on your profit margins and your bottom line.
- Reallocate work (and payroll costs) among your employees
How do you allocate tasks among employees in your office? Are the higher paid hourly employees spending time doing mundane or unnecessary tasks? Having your sales associates take out the trash isn’t the best use of their time (they should be selling!) nor the best use of your payroll dollars. Would you be better off hiring a high school student for a few hours each week to do little tasks (take out the trash, organize the desk space, file) for $10/hour versus paying $18/hour for your other employee to do so?
- Take a nap
Here’s how I see it: tired people work tired. When people are working tired, they make mistakes. Mistakes are costly: supplies are wasted, inventory is wasted, time is wasted, sales are lost. It’s a lose, lose, lose, lose situation.
Got a cost-cutting tip for us? Email us at TheSmartWeddingBiz-at-gmail.com and let us know! We’ll publish your tip… let us know your name and business if you want us to post your info.