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Cash Flow – save money in business

The below has some great advice – I have taken it straight off of the BTribe Business Marketing blog. Full article below.

Ways to save money in your business and help your cash flow:

Wages: One of the most significant costs in your business and an area where nearly all owners can achieve efficiencies.
Outsource: Are there certain duties or roles that can be effectively outsourced?
Suppliers: Negotiate better deals and trade terms with key suppliers.
Rent: Sub-let excess space or surplus car parks.
Marketing: Closely review return on marketing and eliminate what doesn’t work.
Finance: Reduce (or eliminate) credit card debt. Review merchant fees; bank fees; loan fees.
Purchasing: Consolidate to fewer suppliers with better terms. Stop numerous short orders. Can you consolidate with another buyer to increase buying power?
Remove loss making products and services.
Travel: Reduce travel costs by replacing with teleconferences, webinars and other alternatives.
Equipment: Review leases on office equipment – phones, photocopiers, computers, etc.
IT: Review IT costs and contracts.
Software: Are there software systems and applications you have that don’t need renewal or are no longer used? Are there better options than what you are using, such as Google Suite, etc?
Websites: Review how you pay for various website costs, such as SEO services, hosting, site updates, etc.
Subscriptions: Software, journals, magazines, industry subscriptions, etc.
Insurance: Are you overpaying for enterprise or business insurance?
Legal & Accounting: Review costs and services provided.
Barter: Are there services you need that you can barter for?
Technologies: Are there technologies that can replace legacy systems – such as online payments, teleconferencing, open-source software, desktop applications, etc?
Freight: When was the last time you got quotes from other freighters?
Stationery & Printing: Find better deals for ink cartridges. Get multiple quotes on external print jobs or move to electronic-only documents.
Security: Review your security contract and consider a contract with a monitoring company which is compatible to VoIP.
Sell: Sell anything you don’t need on eBay, Gumtree or the like – furniture, computers, etc.
Phones: Review phone plans and mobile phone/ data plans of employees.
Outgoings: Review business outgoings, such as electricity. Can you open windows instead of using air-conditioning?

https://www.btribe.com.au/business-mastery-program/instant-profit-challenge

Always look at improving your cash flow.  That does not have to equate to getting more money in the door.  Work smart in the first instance.  If you need a hand in looking at work flow process, outsourcing and its benefits (on and offshore), seeing if your team structure is right, please feel free to contact me.

#cashflowmanagement #outsource #outsourcing #BPO #automate #IODM #JGID #collectionconsultancyaustralia

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