Startups and small business owners know how crucial money management can be to the success of their operations. So, we often cut corners and end up cutting out some pretty necessary things to make up for unnecessary expenditures. I would like to offer a solution to this spending trap which could inevitably spell the end of your business...avoid spending money unnecessarily with 6 simple tips.
1. Develop a comprehensive budget for each department. And make sure to enforce it strictly and adjust it anually for growth and other changes in the market and within your company.
2. Develop a list of what employees are allowed to purchase. Check actual purchases against the list and adjust future lists for items that are unnecessary.
3. Ask every vendor for advice on how to save money on products you purchase from them.
4. Put out a bounty on internal savings by rewarding employees with 10 percent of whatever money they can save the company.
5. Have one person responsible for the supply closet; any person who wants a supply item must sign for it. This will give you valuable information on usage.
6. Outsource...keep your staff at a minimum and use a specialist for highly skilled tasks such as business development, strategic planning, lead generation, cold calling, research, and other tasks that sometimes require several departments or employees to manage. Use lead generation services like Hoover's and Euro-Profile OR social networking sites like Linked-In, Facebook, or Zing to prospect for new business.
For other helpful money saving tips, please feel free to email me at jeannelson@betterbizservices.com or visit my website at www.betterbizservices.com.
Enjoy your day!!
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