Category Archives: Money Savers

Cost Cutting Thursday!

Every Thursday, we introduce FIVE COST CUTTING TIPS.  Here are our favorites for the week:

  1. 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.
  2. 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!
  3. 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.
  4. 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?
  5. 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.

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What’s your marketing plan?

Ahhhhh… marketing… fun, slick, glamorous, shiny… images of Mad Men come to my mind…

Marketing is defined as the process or technique of promoting, selling, and distributing a product or service.  Over the week, we’ll break this down with how it relates to your wedding related service or product.  First up: Promoting!

Promoting:  What is your Promotion Strategy and how successful is it in bringing returns?

Many wedding related businesses advertise across a wide range of print and web media.  Given the social nature of our industry, networking and public relations, are also key.  But, what are those marketing methods bringing in terms of business?

Here are some questions you can ask to determine the effectiveness:

  • How do clients find you?
  • What is your best method of promotion?  (The one that leads to the greatest amount of revenue.)
  • Are you spending money on advertising that does not benefit your business?
  • How many clients who contact you make an appointment?
  • How many clients who contact you place an order?

Not so sure on some of these?  For the next month, try this:

  1. Make a sheet (spreadsheets are awesome, but pen and paper work too) that lists 4 columns:
    • client inquiry
    • referral
    • appointment
    • order
  2. Client Inquiry Column: Keep a list of every client that phones or emails you – note the date and their contact information
  3. Referral Column: In your first conversation, ask them how they found you (ad, client, other vendor, etc)
  4. Appointment: When they book their appointment – make an X under “appointment”
  5. Order: When they place an order – make an X under “order”

Keep working this tracking sheet until you have a firm understanding of your return on promotional investment.  You may find your wasting money on promotional efforts that don’t lead to any rewards.  And, you may learn that you are not maximizing certain promotional tools. Rethinking your marketing and promotional plan can be a money maker and a money saver.

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Filed under Excercises, Market It, Money Makers, Money Savers