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Article Check - 50 Ways to Save Money
Often I’m asked to make comments or teach classes on “employee motivation.” The mere combination of these words makes me cringe. We are each unique in our own right and to say that there is a set of principles that explains how to motivate people to higher levels of performance seems too good to be true.What makes us unique? Our family, our upbringing, our education, our religion, our circle of friends, our socio-economic status, (and on, and on. . .) all make us unique (and dare I say, “special?”) And those differences mean that a one-size fits all approach just doesn’t work.Take for example my friend Sam. Sam is an artist and has taught art at a junior high school for 25 years. Several times, Sam has been given the opportunity to become a school administrator, which would lead to significantly more money. It would give him more power and prestige. It would allow him more freedom in his day-to-day activities. However, time and time again, Sam has turned down this opportunity. Many of his peers think he’s crazy. They say, “Sam, you’re turning down all that money and freedom. What’s your problem?” Time and time again, Sam replies with, “I like my job, I like the kids, and I like my summers off. If I became a principal, I’d work year round, have less time with kids, and I’d have to answer to the parents and the school board. It’s not worth it!”When I ask people what motivates them, many say, “money.” However, Sam is one of the millions of exceptions to that rule. For some, money is a motivator. For others, flexibility, the kind of work they do, the freedom the have
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise
You’re not alone. Most people are uncomfortable walking into a roomful of strangers. But networking at business events can help you grow your business, as well as allow you to do hands-on marketing research. Learning to mingle and to follow-up with business networking contacts is crucial to your self-employment success. The following techniques will assist you in connecting effectively with others.Before the EventCome prepared to network by bringing business cards, a pen and a small notebook. Make sure you eat before you go. If it’s a cocktail party, or finger foods are being served during the networking portion of the meeting, it’s better to carry only a drink, instead of trying to juggle a plate of food.Know your goals: What is your purpose for attending this particular event? To meet certain people? To find prospective customers? To find a resource you need? Meet a new friend? Nurture existing relationships? Bring 20 business cards and promise yourself you won't leave until you've given out all the cards. Ask for other people's cards if you sincerely want to keep in touch with them. Not everyone you meet will be a good resource.Ask the event host about dress code. Some events are Business Formal and people will be wearing business suites. Some events are Business Casual and there will be a mix of more relaxed styles. By knowing in advance what to expect, you maximize the feeling of being part of the group.At the EventFirst, arrive early. Get there early when the group is small and manageable. Enter the room with a smile. Eve
Buyer’s remorse is not a new idea. You may have experienced it right after a friend revealed he’d paid $100 less for his state-of-the-art golf clubs than you did. But what’s $100 between friends? Better luck next time, you think.
Now consider how you’d feel if the same friend told you he was saving $100,000 a year on running costs for his business. Suddenly, buyer’s remorse takes on a much more serious face.
Cost cutting may not be glamorous, but it is vital to ensure the stability and progress of every business in today’s competitive world. Fortunately, you don’t have to do it by yourself. There are consultants, such as Expense Reduction Analysts (ERA), available to help you manage costs. They scrutinise the ‘little things’ that are often overlooked, and yet add up to big costs - things like stationery, printing, telecommunications, couriers...you get the picture. Once scrutinised, they offer a solution tailor-made to that company.
“Our clients always make the decisions about which alternatives are most suitable for them, and are included in the process all the way through,” says Fred Marfleet, Chairman of ERA Australia. “But our help and guidance ensures they make the right decisions.”
To give you an idea of the kinds of things that a company like ERA takes into consideration when investigating a cost-management solution, we’ve put together a list of 50 ways in which your company might cut costs.
Starting with the big picture
1. Centralise purchasing
You may be buying the same goods from different suppliers! Coordinate the spending of different departments to maximise discounts through bulk purchasing power.
2. Cut the paperwork
Request monthly consolidated invoices to improve cash flow and reduce administration costs.
3. Ask for a reason
Don’t accept a price increase without challenge.
4. Get a second opinion
Obtain alternative quotes - on everything. Advise existing suppliers that the business is being tendered, and give them a chance to reduce their prices.
5. Call in a negotiator
Never allow the person in daily contact with a supplier to negotiate price. Use the good cop/bad cop approach, calling in someone else, so that emotion is not involved in the process. This also allows the day-to-day relationship to remain unaffected.
6. A beautiful friendship
Building good relationships with suppliers can result in reductions in costs. Ask them for suggestions on how to improve the way in which you work together. Could ordering weekly instead of daily allow them to reduce their own admin costs and enable them to pass the savings on?
7. Improve cash flow
Reduce your stock levels, and encourage suppliers to hold stock.
8. Review product specification
Ensure that products being used do not exceed requirements. Can you use second-hand pallets for transportation? Recycled toner cartridges?
9. Establish a caring culture
Caring is a pre-requisite to effective cost-management. If staff and executives are complacent, it’s difficult to implement savings.
10. Commit to stamping out unnecessary costs
Lead by example and demonstrate to employees that you care about saving money, even on the smallest items.
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise
There are hundreds of varieties of Consultants these days. We can find Consultants to take care of our diets, our physical well being, our mental well being, and pretty much anything you can imagine when it comes to business.The story below might just indicate that we take ourselves a little too seriously sometimes.A shepherd was herding his flock in a remote pasture when suddenly a brand new Beemer advanced out of the dust clouds towards him. The driver, a young man in a Brioni suit, Gucci shoes, Ray Ban sunglasses, and a Zegna tie, leaned out his window and asked the shepherd, “If I can tell you exactly how many sheep you have in your flock, will you give me one?”The shepherd looked at the man, then looked at his peacefully grazing flock, and calmly answered, “Sure.”The yuppie parked his car, whipped out his IBM ThinkPad, connected it to a cell phone, and surfed to a NASA page on the Internet. He called up a GPS satellite navigation system, scanned the area, and then opened both a database, and an Excel spreadsheet with complex macro formulas. He then sent an email on his Blackberry, and after a few minutes he received a response. Finally, he prints out a 150-page report on his hi-tech miniaturized printer in the car, then turns to the shepherd and says, “You have exactly 1623 sheep.”“That is correct, take one of the sheep” said the shepherd. He then watches the young man select one of the animals and bundle it into his car. Then the shepherd says, “ If I can tell you exactly what you do for a living, will you give me back my beast?”“O.K., wh
“Our clients always make the decisions about which alternatives are most suitable for them, and are included in the process all the way through,” says Fred Marfleet, Chairman of ERA Australia. “But our help and guidance ensures they make the right decisions.”
To give you an idea of the kinds of things that a company like ERA takes into consideration when investigating a cost-management solution, we’ve put together a list of 50 ways in which your company might cut costs.
Starting with the big picture
1. Centralise purchasing
You may be buying the same goods from different suppliers! Coordinate the spending of different departments to maximise discounts through bulk purchasing power.
2. Cut the paperwork
Request monthly consolidated invoices to improve cash flow and reduce administration costs.
3. Ask for a reason
Don’t accept a price increase without challenge.
4. Get a second opinion
Obtain alternative quotes - on everything. Advise existing suppliers that the business is being tendered, and give them a chance to reduce their prices.
5. Call in a negotiator
Never allow the person in daily contact with a supplier to negotiate price. Use the good cop/bad cop approach, calling in someone else, so that emotion is not involved in the process. This also allows the day-to-day relationship to remain unaffected.
6. A beautiful friendship
Building good relationships with suppliers can result in reductions in costs. Ask them for suggestions on how to improve the way in which you work together. Could ordering weekly instead of daily allow them to reduce their own admin costs and enable them to pass the savings on?
7. Improve cash flow
Reduce your stock levels, and encourage suppliers to hold stock.
8. Review product specification
Ensure that products being used do not exceed requirements. Can you use second-hand pallets for transportation? Recycled toner cartridges?
9. Establish a caring culture
Caring is a pre-requisite to effective cost-management. If staff and executives are complacent, it’s difficult to implement savings.
10. Commit to stamping out unnecessary costs
Lead by example and demonstrate to employees that you care about saving money, even on the smallest items.
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise
Data entry workers are increasing in number everyday. It is estimated that a at least 40 million individuals work at home. Experts believe that prospect for data entry homework will be sunny in the years to come.The increases in number of data entry workers are credited largely to the Internet. The World Wide Web has created vast opportunities for many individuals, including professionals, to stay at home and work at the same time.One of the main reasons attributed for the increase in number of data entry home workers is the actual decline of full time office based data entry people. This has lead hundreds, if not thousands of employers, to subcontract out work to workers who prefer to work at home.Another reason why work at home jobs are popular is because most of these are not very technical and does not require extensive training. Some companies don’t even require their work at home workers to be college degree holders.Another factor that has lead to the increase in number of data entry home workers is that employers actually get more advantage to it than hiring full time data entry worker. This is especially true for companies with a small work force. This is because outsourcing jobs actually saves these companies thousands of dollars.Tasks sent out by companies for outsourcing to data entry home worker usually include typing documents and entering data into a home personal computer. When the job is finished, the data entry home worker will send the documents to the company through the email.It is actually very easy to become a data entry w
2. Cut the paperwork
Request monthly consolidated invoices to improve cash flow and reduce administration costs.
3. Ask for a reason
Don’t accept a price increase without challenge.
4. Get a second opinion
Obtain alternative quotes - on everything. Advise existing suppliers that the business is being tendered, and give them a chance to reduce their prices.
5. Call in a negotiator
Never allow the person in daily contact with a supplier to negotiate price. Use the good cop/bad cop approach, calling in someone else, so that emotion is not involved in the process. This also allows the day-to-day relationship to remain unaffected.
6. A beautiful friendship
Building good relationships with suppliers can result in reductions in costs. Ask them for suggestions on how to improve the way in which you work together. Could ordering weekly instead of daily allow them to reduce their own admin costs and enable them to pass the savings on?
7. Improve cash flow
Reduce your stock levels, and encourage suppliers to hold stock.
8. Review product specification
Ensure that products being used do not exceed requirements. Can you use second-hand pallets for transportation? Recycled toner cartridges?
9. Establish a caring culture
Caring is a pre-requisite to effective cost-management. If staff and executives are complacent, it’s difficult to implement savings.
10. Commit to stamping out unnecessary costs
Lead by example and demonstrate to employees that you care about saving money, even on the smallest items.
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise
One of the most serious threats to your organization is the lack of visibility. If your target market does not recognize you, you will not succeed. It is a basic marketing principle.But how does your organization get access to this vital visibility? There are many viable alternatives, depending on the size of your institution and the goals you have in mind. There are many costs involved in obtaining visibility, but there are some inexpensive ways to enhance your brand name.The most expensive is buying advertising space. Depending on your desired reach, television, radio, and newspaper are among the most effective. The best spots cost the most, but you may consider remnant space. This is airtime or print ad space that has not yet sold or is hidden in areas and times. It is less expensive, but may not be worth the money if not seen of heard.For the money, direct mail is quite possibly the best alternative. There are many ways to obtain mailing lists, and they range in cost depending on the quality of information. Direct mail brings great results and it is easy to track your efforts.Creativity is the key to direct mail. You must differentiate your organization for the others to have success. By placing a logo or icon on your address labels, you will appeal to your target market and they will associate with your cause.Visibility does not happen overnight, but being seen time and time again will increase your chances. You customer will recall seeing your logo when they least suspect it.As with anything, obtaining visibility takes time.
Building good relationships with suppliers can result in reductions in costs. Ask them for suggestions on how to improve the way in which you work together. Could ordering weekly instead of daily allow them to reduce their own admin costs and enable them to pass the savings on?
7. Improve cash flow
Reduce your stock levels, and encourage suppliers to hold stock.
8. Review product specification
Ensure that products being used do not exceed requirements. Can you use second-hand pallets for transportation? Recycled toner cartridges?
9. Establish a caring culture
Caring is a pre-requisite to effective cost-management. If staff and executives are complacent, it’s difficult to implement savings.
10. Commit to stamping out unnecessary costs
Lead by example and demonstrate to employees that you care about saving money, even on the smallest items.
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise
Many large public companies today are focused on making the "numbers" look good to prop up their stock price to make millions on stock options, even while heading for bankruptcy. Remember Enron? Many small and mid-sized businesses are also at risk, by focusing on the wrong things, but for more sincere and honest reasons.The common problem I see is that many businesses 1) Focus the majority of their efforts on the wrong areas, i.e. top line or even the bottom line and 2) Don't have the reporting tools for optimal management. Most businesses utilize "Accounting" reports that are produced by accountants for accountants (or bankers) rather than as a tool to help manage their business. To make matters worse these reports are often very untimely. What good is are accounting reports months or even a year after the fact?The solution? Manage for cash and produce your own reports to manage your business. You should also manage your daily business with an eye toward how decisions will affect your future cash flow. If you don't have enough cash to meet payroll or pay your bills it doesn't matter what your top or bottom line is.To accomplish this you need a Cash Flow Statement for what happened in the past month, year, etc. and a Cash Flow Forecast that is a "living document", one that you update frequently. If this forecasting tool is done right, you will find it invaluable. These reports should cover such things as changes in Accounts Receivables, Inventory and Capital Equipment. And while these items are covered in a businesses standard Balance Sheet and even in most Cash Fl
And now for the detail...
11. Advertising
Don’t just take their word for it: conduct regular research to ensure that your advertising budgets are being used effectively.
12. About the creative...
Remember that outstanding advertising creative work generally costs no more than ordinary creative. Having said that, ensure that you are not funding the creation of campaigns that win awards, but do not sell your product!
13. Bank charges
Review them regularly - at least once a quarter. Ask your bank manager to suggest ways in which you could reduce them.
14. Competitive banking
While it’s easy to be complacent and leave all your banking in the hands of one institution, it pays to shop around. Many banks specialise in different areas of expertise, and you can use that knowledge to serve your needs - and save you money. Plus, you won’t be fully dependent on one bank!
15. Challenge the manager
When you receive the statement of charges from your bank, take five minutes to consider ways in which the bank has added value to your business. Challenge the bank manager to come up with five himself - and ask yourself whether his list justifies the charges.
16. Cleaning
Ask your staff regularly whether cleaning services are meeting their requirements.
17. Communicate your needs
To ensure your cleaning contract - or, in fact, any contract, meets your needs, make sure the contractor knows what you expect. Let them know if there is a problem - but also give them feedback if things are going well.
18. Couriers #1
Understand how your couriers charge their clients. Some charge per consignment, others per parcel. Work out which service will be most effective for you and, if necessary, switch suppliers.
19. Couriers #2
What’s your courier company’s specialty when it comes to service? Some specialise in overnight delivery, other in international distribution. Use the courier that is most appropriate for the job, as this will be most cost-effective.
20. Couriers #3
Planning can add up to big cost reductions in this area. Timed deliveries are significantly more expensive than next-day deliveries. How soon does it really need to be there?
21. Couriers #4
If you help your courier company by minimising collection and waiting time, you become a more ‘attractive’ account, which can be a good negotiating factor.
22. Couriers #5
Look at instigating standard daily courier runs, which can be negotiated over and above the rate card.
23. Expiry can be expensive
Be aware of the expiry date on contracts for services such as electricity, gas, and phone. Suppliers often revert to a much higher penalty rate once the contract expires.
24. Freight costs
Consider handling costs and packing when putting together a consignment. Does it fill one container, or is it made up of several items that can be packed on pallets so that you can minimise transport handling costs and stock damage?
25. Investigate insurance
Allow time to investigate and negotiate your insurance policy before the renewal deadline. Make a note of when policies are due - many brokers wait until so close to the renewal date to contact their clients that they leave little time for negotiation.
26. Know your insurance needs
Have you worked out the latest level of cover you need? Is it more or less than last year? Can you cut out brokers, have your policy repackaged, or cap excesses?
27. Making space
Do not allocate a specific car park to a specific staff member. Have seven per cent fewer car parks than the number of staff entitled to them. On any day, you’ll find that there will be a certain number of absentees - you don’t need to pay for empty spaces.
28. Making the most of fuel cards
Have you reviewed your fuel card system? While most oil companies offer rebates, they do not do so in a directly comparable manner. Some will offer a rebate off the pump price, others choose different bases (eg, area averages) from which to make their rebate. Research will show whic
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