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Managing your business is challenging regardless the size. Because of the various roles you’re responsible for, there are areas that are inevitably overlooked. We hope the following tips will inspire you to assess your current practices, and possibly implement any or all of these ideas which will continue to strengthen your business and your bottom line.

The following tips are arranged by ease of implementation, and can all be completed internally. There are also a few ideas on how to raise your businesses visibility, ultimately increasing your potential to secure additional clients or customers. You don’t have to be bad to get better, so take a minute to browse through these tips. Who knows, maybe this will spark an idea that is effective for your business!

  1. Go Paperless
    • You can lower storage costs, printing costs and improve overall efficiency by running a paperless office. By scanning documents you can send and share information effortlessly saving your business time and money.
  1. Get Free Software
    • Visit Download.com to try hundreds of software products for free through trial downloads, freeware and limited versions of the full product.
  1. Be Loyal
    • Loyalty to your vendors will strengthen your relationships, and is often rewarded in different forms. Show loyalty to a vendor and you may find yourself with special discounts, exclusive perks, or even non-business-related tokens of appreciation.
  1. Ask For A Discount
    • The suppliers you work with may have quantity discounts of 50% or more depending on the terms. You may be able to meet these requirements and qualify for a lower price. To find out, ask about discounts and what you need to do to earn them. You may be able to get anything from an interest-free loan in the form of vendor credit to a healthy discount for paying early.
  1. Query Your Consultants
    • The professionals you work with regularly are often easy to bargain with, thanks to the rapport you’ve developed with them. Ask your insurance agent, accountant or attorney how you can cut back on their costs. You’d be surprised at the suggestions they might offer on ways to cut your premiums, reduce billable hours or avoid huge retainers. You might also barter your services.
  1. Buy Used Equipment
    • This one is pretty self-explanatory, but is often met with opposition. The ability to purchase something new gives you a sense of pride, however, consider whether or not the expenditure will ultimately increase productivity or efficiency because it’s new. If you put in a little time you can get almost anything you need through Craigslist, yard sales, eBay, etc. If your purchase doesn’t have to be brand new, research a used alternative and weigh your options.
  1. Purchase Generic
    • It’s always tempting to buy the best name brand supplies for your office or business. Just as with purchasing used – a generic brand may not have pretty packaging, but it will get the job done nonetheless.
  1. Pick It Up
    • If you’re near your suppliers, pick up your order yourself. This can save you a lot of money over time by simply eliminating shipping costs. Caution: exercise caution with this tip, as you should only pick up supplies yourself if it doesn’t take away from a revenue-producing activity.
  1. Clean Up Your Mail List
    • The U.S. Postal Service will clean up your mailing list for free, correcting addresses, noting incomplete addresses and adding ZIP+4 numbers so you’ll be eligible for bar-code discounts.
  1. Send Mail Early In The Day
    • You can usually expect to get one- to two-day delivery for the price of a first-class stamp.
  1. 3 Bids
    • Even with mundane purchases, always acquire 3 bids by shopping around. More often than not if you quote a competitor’s lower price, a supplier will match that price because of their desire to earn your business.
  1. Early Bird Gets The ___________
    • The answer is INTEREST! By making bank deposits by high noon, you will also begin to accrue interest faster and for longer. The amount may seem minuscule at the time, but think of the long term as these small amounts start to pile up.
  1. Every Door Direct Mail
    • Use Every Door Direct Mail (EDDM) whenever possible. This is an affordable service provided by the USPS that maps out and targets your best potential customers with demographic information. Utilizing this service will ensure you aren’t wasting any valuable marketing or advertising funds.
  1. Shop Around For An Overnight Courier
    • Overnight delivery rates are pretty similar, but if your package can be delivered within a window of a few hours to a day you can save big.
  1. Tax Write-Offs
    • You can potentially receive credits for various expenses you incur by having a home office, check the IRS website for specific information. You should also visit your tax preparer to see what type of documentation you need to keep so you can accumulate as many beneficial tax write-offs as possible.
  1. Monitor Spending
    • Regardless of how much trust you have in employees, regular monitoring of employees’ spending with the company credit card is a good practice. This way you are able to detect any mistakes made by the bank or an employee, also deterring fraud or abuse.
  1. Be Prepared
    • Buying appropriate business insurance upfront saves money in the long run, and can protect you from potential misfortunes in the future.
  1. Raise Your Deductibles
    • Raising the deductibles on your insurance usually lowers your premiums. Even if you end up having to pay the deductibles, it’s likely to be less than the amount you save.
  1. Offer Expert Advice
    • Teaching a class, speaking at a community meeting, or writing an article for a local paper not only makes you look like an expert but garners low-cost attention for your business.
  1. Start Chatting
    • Find newsgroups that cater to your audience. provide useful information that’ll make people want to click on your site, but don’t hard sell.

So there you have it, a few simple ideas that can help your business. We suggest you always look for more and new ways to save, which will allow you to invest more into your business in the future.

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Disclaimer

The material provided on this website is for informational use only and is not intended for financial or investment advice. Kerndt Brothers Bank and/or its partners assume no liability for any loss or damage resulting from one's reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.