In light of the current economic climate, every business owner is on the lookout for ways to boost revenue, cut costs, and raise productivity.
The good news is that there are many potential sources of inspiration available to you. In today's business coaching for plumbers, however, you need fresh and inventive strategies to save rather than just the obvious ones.
Here are some ways to save money for your company:
Don't use paper
By switching to a paperless system, you can save money on filing cabinets and printer ink while increasing productivity. You can save a lot of time and money for your company if you scan papers before sending or receiving them.
Balance transfers with 0% interest can be used.
Debt consolidation is facilitated by transferring balances from high-interest cards to those with introductory 0% APR periods. Transferring a $5,000 amount from a card charging 17% APR to one offering 0% initial APR for 15 months would result in a savings of $862 in interest charges alone.
Get gear on rent
Consider a lease instead of buying the equipment outright to avoid the large initial investment. Since many lease agreements include provisions for repairs, improvements, and maintenance, your business can save a significant amount of money in these areas.
Gather up money in advance
Consider requiring a down payment or interest payment from customers who are given credit. Your business will benefit from lower risk, better cash flow, and lower collection costs as a result of this. For all future transactions, your net 30 account holders, for instance, may be required to make a 25% down payment.
Inquire about a price cut.
There is a possibility that, depending on the terms, your suppliers offer quantity discounts of 50% or more. If you meet these criteria, you may be eligible for a price reduction. Inquire about price cuts and how you might qualify for them. A vendor credit, which acts as an interest-free loan, is one possibility, as is an early payment discount.
Connecting hubs
It’s no surprise that banks are looking to squeeze more revenue out of fees to make up for all the new regulatory changes. However, Bankrate’s Greg McBride says it best, “As consumers we’re not hostage to these higher fees, but we’ve got to be on our toes and be proactive about avoiding them.” Do everything possible to avoid fees like an ATM surcharge, bounced check fees, and most recently the debit card fee. Changing banks could be the answer to saving money for your business if doing so would result in significant savings.
Consider bundled services
Some companies offer bundled services that include phone service, cable, internet, fax, and web hosting. Bundling two or more services from the same company can save your business hundreds of dollars per year.
