How to stretch your dollars
2011/03/23 8:12 AM
So we all want to know what the crystal ball says right? How do you cut corners and stay on your growth track at the same time?
I asked my experts for some tips they are using right now and it seems that the most common are brown bagging it, getting VA's instead of employees and taking a look every 6 months at all the services you use to see if you can negotiate a better rate. Give a call to your providers and see if they are running specials, or even better, have lowered rates on newer equipment which I find happens at least once a year. Some of them might include: Internet provider, cable, telephone and cell phone providers, and even your various insurance plans. Hey if you can shave off $20 here and there it adds up to a bigger total – who would say no to that?
When I do this roundy-round of calls every 6 months – I take the savings and roll it into my marketing budget!!
What will you do with yours?? Leave me a comment………
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There are 4 comments
Nancy McClelland says: Some great ideas here, which I’m excited to share with my accounting clients. One word of caution, since most of these suggestions seem to be for small businesses — the credit cards that offer perks such as frequent-flyer miles or cash-back cost an enormous amount to the businesses that have to accept them. Because the fees paid by the vendor to accept a regular MasterCard versus a Frequent Flyer Mastercard are substantial, I make sure to use a regular credit card at all small businesses and save my perks credit cards for big chains or large online stores. It makes a very real difference to the bottom line!
Freecycle.org is a great resource for free stuff! Most communities have a Freecycle in their area – it’s fee to join and it saves resources for the earth, and you wallet. It’s a trading site free of charge – I often post when I need boxes, bubble, etc…for shipping or office items like shelves – anything you can think of and you can also post when you wan to get rid of unneeded items so someone else can use them. Also Facebook is a great way to post and share news about my business and my new products and when I post I set my account settings to go not only to my friends but their friends as well.
The Magic Bean Company on Facebook (artist or group pages)
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Do you know how to set the right price for your product line? Lordy knows I sure didn’t when I first started my handbag line. But once I learned the correct way to do it, I never mispriced anything again! Now I want to share this method with you so you can be profitable and not wonder why you can’t pay yourself.
It took me years to figure out how to set the right price for my product line when I first started out, so I can imagine you might be in the same situation. If you are not sure if you are making any money, then there is a good chance you’re not pricing your products correctly.
Proper costing is the lifeline to your business and profitability. Taking into consideration and finding all the hidden costs, is the key. So many people forget little things that they add up and then BOOM, you are not making any money. Once you have the actual cost (cost of goods sold) then it is easy to figure out the wholesale and retail prices so you are always making money.
I’d love to share this formula with you. It totally saved my rear when I was in year 3….. Just thinking of all that lost money in the first 2 years…. I want to cry!
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