Effective Cost Reduction Strategies and Money Saving Secrets You Need to Know
Welcome to Episode #8 of the Beyond Common Business Secrets !
In this episode, I'm excited to share some secrets about how to cut expenses and improve the profitibilty of your business .
If you want to be more profitable, grow your sales, and improve cash flow and reduce costs without taking away from the quality you deliver in your business, tune in now!
In this episode, you'll discover several Effective Cost Reduction Strategies and Money Saving Secrets You Need to Know ... including
* — Reducing utility expenses -- Does your business have land lines or a fax number? When was the last time you looked at all the vendors or options out there? It might seem difficult to reduce utilities, but there are ways to do it. You can purchase timers or software to limit power, gas, or water consumption by turning down heating and cooling outside of business hours.
* — Reduce insurance premiums by eliminating coverages you don’t need, placing your policy out for bid or increasing deductibles. Also, review your policy to see if you are paying to cover equipment that you no longer have or that is fully depreciated.
* — Reduce labor costs by consolidating employee tasks or by improving training programs to make your team more productive. When possible, use "gig" workers on a contract basis.
* — Reduce operation costs by limiting operational expenses, such as office supplies and repair service
* Services — maybe you can get by with the coffee service only coming out once a month, not twice! Maybe the window washing vendor can work for you quarterly and not monthly — these changes add up!
* Final thought: print out your quickbooks or check registry and carefully review each item. Ask yourself: Do I still need this? When was the last time I got a quote for this service? Is that vendor the best provider?
Cool things mentioned
Are you ready to say goodbye to fear, frustration, and overwhelm when it comes to growing and scaling your business? You’re in the right place. Welcome to Beyond Common Business Secrets Podcast I’m your host, Tracey Watts Cirino
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