Posts Tagged ‘money’

 
photo credit: lepiaf.geo

In today’s economy we are seeing so many people being put out of work only to find that the company still ends up going bankrupt. Why is this? A big reason is because often times no matter how many employees are let go, the costs that the company has still ends up being more than what their profits are. Here are some creative ways where you can start cutting costs rather than cutting your employees.

• Enlist the help of everyone who work’s for you to come up with areas where you can cut costs to equal up to or at least close to the amount that you need to cut. In the end you may still end up having to let a few people go, but it will be a smaller number then it was before the brainstorming took place.
• Think about firing some of your costly customers. American Express cut out 2.7 million accounts because they had no balance or were inactive, this means the company was spending money to keep up these accounts even though they weren’t making money off of them, as stated on Bnet.com.
• Take a look at some of the resources and products that your company uses, are some of them extremely costly to your company? Is there another product that does the same job but costs less? If so, try cutting out the extravagant lifestyle of certain products and down size to a cheaper version.

Go for cheaper tech. If your shop needs a tech upgrade but you can’t afford it, consider the cloud. Increasingly, businesses are finding they can do almost all of their computing with free or cheap services that store your data on remote servers — that is, in the cloud. Moreover, there is so much good free software nowadays, including office suites with word processing and spreadsheet software, that this is often a no-brainer.

From Business Opportunities Weblog.

photo credit: pfala

In business it can become very difficult over the years to continuously manage your cash flow. Often times as business owners we get into a groove of letting things slide here and there, letting customers slide here and there, and before we know it our cash flow is much less than what we would like it to be. Look below for some great tips on how to manage your cash flow better.

• Include payment due dates on all of your invoices.
• Accept partial payments if the entire balance can not be made.
• Make sure to get all of your invoices out on time.
• When you receive the payments make sure you deposit them right away.
• Include discounts as well as penalties.
• Review your expenses at least every 6 months to see if you still need them all.

By keeping up on the above mentioned areas, you should be able to see better cash flow coming into your company within a few months provided you keep at it, recently stated on Capital Solutions Bancorp.

From Business Opportunities Weblog.

photo credit: batega

We all know how prominent business debt is becoming in this economy. Granted we are seeing some relief here and there, but no where near enough yet. Below are two awesome ways your business can cut it’s debt and stay above water!

Be realistic on staffing. Although the last thing most business owners want to do is lay off employees, be realistic when you evaluate your staffing needs. You might be able to offer reduced hours or job sharing, or even cut back on benefits if it means employees can keep their jobs. But if you must eliminate positions, the first to go should be those who don’t contribute to the bottom line. Stated on Chron.com.

Your business could probably use a well thought out budget. Get out all of those monthly bills and expenses and look for several areas where you could tweak things around a little and improve your costs. Do you really need the highest quality of technology, vendors, supplies and more at this particular juncture? You may be leasing some equipment that is not really used all that often, or maybe some supply companies that charge twice the amount of someone else.

If you’re a company that provides several company vehicles, consider cutting down the number of people that you give this luxury to. Also take a look at the money you have coming in, it may be time to do some follow-up calls and letters to your past due clients.

From Business Opportunities Weblog.