by Tom Farrell on December 28, 2009
2010 is upon us and with the start of the new year, family owned businesses and small businesses are looking for a way to save on business expenses. In this series on cutting business expenses, we are going to pinpoint various ways for you to lower business expenses in the new year. During part one we are going to focus on negotiation.
Businesses and business owners worldwide have felt the effects of the down economy, thus the need to reduce business expenses is non-negotiable. The expense-cutting trend has forced the marketplace of providers catering to businesses to become more competitive. From commercial leases to telecommunications contracts, it has become a buyer’s market.
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by Tom Farrell on December 30, 2009
During part one we discussed the importance of re-negotiating rates you are paying for your general business expenses. For the remainder of this series we are going to focus on specific areas to consider cutting costs and some strategic ways to be able to do so, along with additional advice and information regarding specific cost savings strategies in each area. Today we are going to focus on the company electric bill.
Saving money on your electric bill is a two-fold process: rates and services comparison and energy efficiency practices.
Rates and Services
Consider both the kW/ hour rate of the electric service along with the reliability of the provider. A cheap rate at the cost of power outages is not worth the risk. Both the kW/ hour rate and service reliability are crucial elements to consider as new offerings are being presented.
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by Tom Farrell on January 1, 2010
In part three of this series on saving money on business expenses, we are going to discuss ways to save money on the telephone bill and on web hosting. Both telecommunications and web hosting are necessities for modern business. However, there are many simple ways to make cuts and save on your telephone bill and your web hosting costs.
Telecommunications Reassessment
If you are currently utilizing multiple communications services (i.e. cable, Internet, and telephone) through multiple providers, consider consolidating your service provider. If you are running a call center at your place of business, you’ll want to quote competing companies and conduct thorough research on the reliability of each company. You cannot afford the risk of a telecommunications issue that interrupts the flawless operation of your call centers.
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by Tom Farrell on January 3, 2010
In part 4 of a 5 part series on saving on business expenses, we are going to discuss how to save on payroll, mail and office space.
Payroll Service Provider
If you are having payroll outsourced a quick review of the services they are rendering in comparison with the competition and their rates will show you if you are getting the deal you deserve. Payroll Finders offers valuable information on what to look for when you are looking for a pay roll provider. A few of their key points are listed below. The complete source can be found on their website.
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by Tom Farrell on January 5, 2010
During this final post on saving business expenses in the new year, we are going to discuss savings on banking fees, business insurance and the health care plan.
Monitor and Adjust Your Banking Fees
You have many banks to choose from and they know it. Work with several banks to find out which bank will work with you and be the most willing to negotiate your banking fees. If outsourcing your payroll provider, see if there are ways to waive fees based on direct deposits and other services.
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