1/25/11

5 Ways to Save Money in Your Business

If you are on budget (who isn't?), it really pays to save. Here's some money saving tips for you to help your  business's bottom line and help you save a bundle.

1. Ask People You Know For Help
Your contacts can give you referrals of individuals who need your products and services. Just ask your contacts for names and numbers and give prospects your name and number. The more referrals you get--- the more likely your business will be generated through referrals.

2. Give Expert Advice
When you give advice through teaching a class, speaking at a community events, or writing an article for a local paper you are perceived as creditable expert.  This is another good way to generated business through giving expert advice.

3.  Commission your sales force.
All the expenses need to hire a sales person, such as overhead, salaries, incentives, training costs, fringe benefits and expenses, can add up. That is why, hiring sales reps who are paid on commission only is a very less expensive way to conduct business and is equally effective.

4. Be reluctant to give credit.
Instead of instantly giving credit, check the business credit background.  Instead, incur practices such as collecting cash in advance, sending partial shipments, implementing process that require a request letters of credit and personal guarantees.


5. Seek at least three bids on everything.
Shop arround when making even everyday purchases.  Quoting a lower competitor price can often encourage the higher price company to lower their price so they can get your business.

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