Posts Tagged ‘Cost Effective Solutions’

As an entrepreneur, you understand the unpredictability of operating your own business. As such, you must try to be prepared and save for countless possibilities – before they occur. As Corey Bell, CEO of TriFusion cautions, “Whatever you assume your revenue projections will be, cut that in half, then cut it in half again. Whatever you think your costs will be, double it.” There are a number of ways to stretch every hard earned dollar and increase your company’s bottom line. In these financially difficult times, every effort counts. We’ve put together an array of money-saving tips and ideas, from discounts and wellness programs to streamlining essential services and utilizing freelancers.

Evaluate your Internet access service

Internet service is a valuable, indispensable resource for all businesses, particularly small business owners. The existence of myriad ISP companies means strident competition to attract and retain your business, which presents an excellent opportunity for your company to save money and still ensure reliable, quality service. Smaller, independent ISP companies often provide the same fast, efficient service and customer support as larger companies at a fraction of the cost. Even if you’re happy with the service you now receive, you owe it to yourself and your bottom line to explore your options.

Enjoy substantial savings and service by using a Merchant Account

Check out merchant accounts that offer valuable, cost-effective solutions for your entrepreneurial enterprises that will help increase savings that can be reinvested into growing your business. Payment Services such as PayPal, eGold or ClickBank are cheaper, faster and easier to manage, and boast a variety of features such as low monthly fees, invoice tracking, discount percentages and programs that add up to big savings.

Keep employees happy and healthy

Institute a comprehensive wellness and healthy lifestyle program that includes disease management for ailments such as obesity, heart disease, asthma and diabetes – conditions that are rampant in the African-American community. Also, consider providing flu shots, cancer screenings, smoking-cessation sessions or partnering with a health or non-profit organization that offers these services. For every dollar invested, you may save up to $3.93, according to the 2003 report by the U.S. Department of Health and Human Services, “Prevention Makes Common Cents.”

Take advantage of Contractors, Freelancers and Per Diem employees

There are numerous benefits to outsourcing work responsibilities by utilizing freelancers, consultants and independent contractors as a cost effective means to help grow your company, achieve business objectives and make available much-needed capital for reinvestment in other areas of your enterprise. By taking advantage of the wide range of services provided by outsourcing, smaller firms gain access to the same level of efficiency, expertise and business development enjoyed by larger firms. Projects and disciplines that can be successfully outsourced include marketing, communications, creative services, IT, accounting and even administrative services. One of the main advantages of outsourcing and contracting is that they enable small business to manage capital expenditures like labor and operating costs, office space, health benefits and profit sharing. The inclusion of freelance professionals also introduces a fresh perspective and innovative ideas that will give your projects and services an extra shot of ingenuity and competitive edge.

Join the Chamber of Commerce

The U.S. Chamber of Commerce offers its members small business support, admission to business seminars and discounts from selected vendors. You also benefit from a slew of much-needed resources and services, like legal and financial expertise, technology, and access to a list of other small, mid-size and large businesses. The Chamber has negotiated up to 20% savings on FedEx shipping and discounts from Monster.com and other merchants. Local chambers also offer bargains, including free use of meeting rooms, discounts on seminars and preferred rates on credit cards and other services, depending on the chapter. Find your local chapter on the Worldwide Chamber of Commerce Guide.

Join the National Association for the Self-Employed (NASE)

NASE offers sole proprietors and small businesses a comprehensive range of benefits and resources, including discounted health and life insurance, accidental death benefits, business and personal discounts, travel and entertainment assistance and even roadside assistance. You can also save money with a customized e-commerce website showcasing your business, and obtain legal assistance and tax advice. NASE membership also provides 20 to 50% savings on accounting software, including QuickBooks, and savings on filing incorporation papers with BizFilings.com and other deals. Visit their website for membership or more information.

Get a business membership to a wholesale club

FedEx, BJ’s Wholesale, Sam’s Club and Costco offer business memberships, which provide substantial savings and discounts for small companies. For instance, FedEx’s discount program increases business efficiencies and operation while lowering shipping and productions costs. The FedEx program is free to members of certain trade associations and delivers an average annual savings of up to $1,400 in net shipping charges. Other member discounts include up to 25% on FedEx ground shipping with delivery in 1-5 business days and up to 24% on Express Priority Overnight. Staples Copy & Print Center customers receive 10% in rewards on office supplies, such as toner and paper, and their rewards program also rolls over balances each quarter during the calendar year.

A $45 BJ’s business membership provides discounted prices on vending machine supplies, janitorial products and other bargains. At Sam’s, you can get discounted rates on merchant credit card processing, signs and banners, website design, and even health insurance and financial services, for membership ranging from $35 to $100. Purchase Costco’s Executive Business membership for $100 and you’ll enjoy resale privileges (depending upon your state tax code) along with discounts on a variety of products including health insurance, travel, cars and auto insurance.

Aetna’s Resource Connection, which extends discounts from a network of participating companies, including PrimePay, Hewlett Packard, and Staples, offers savings in areas integral to small companies’ development and maintenance such as finance, human resources, technology and marketing. PrimePay offers a maximum 40% discount on payroll services with a two-year rate guarantee and HP gives a 3-10% discount on their computer hardware and services. Customers of HP’s Finance & Accounting discount program also enjoy up to 10% off on a majority of the company’s commercial products. Programs such as these also add value to clients who have Aetna and similar service plans, and help decrease daily operational expenses. Companies, such as HP and Dell, offer coupons and other discounts for small businesses.

Investigate special services and discounts to small businesses from credit card companies and banks.

Citibank offers a Small Business Credit Card that has no annual fee, a rewards program, a 24/7 personal Business Assistant Service and more. American Express offers a small business card that gives you rewards and business savings, 24/7 support from its dedicated small business team and more. Bank of America boasts a Small Business Discount Program through which Small Business Checking Account customers save from 5 to 75% on everything from computers and office supplies and to travel and theater tickets.

Bank of America’s Business Advantage Checking offers a number of no-charge services, including a check card, additional bank accounts with no monthly maintenance fees, its Online Business Suite Account Management Service, payroll with direct deposit, and the setup of Merchant Card Processing services.

These incentive offers are also a great way to save on travel and entertainment costs for owners, employees and clients. A bit of research and comparison shopping will show a number of great offers that’ll help business owners save and operate in a category usually reserved for larger companies.

Streamlining business operations also helps save you loads of cash. For example, service-oriented businesses can effectively take command of collections by requiring a down payment before purchasing supplies or starting any work, no matter what the customer says. Product sellers can reduce their nonpayment risks, too, by not accepting large first orders from unproven customers. A well-known trick of troubled companies is to order a surplus of supplies and services from eager small companies that will do anything (even lose money) to make a sale. Later, you may become cash strapped and frustrated while waiting for them to honor commitment and pay that invoice.

Here are a few helpful tips to keep in mind:

Even if a company doesn’t advertise a special small business rate, it never hurts to ask.
Always compare competing products, offers and discounts, taking into consideration all potential and hidden costs, such as shipping and service fees, before you make a decision.
For creative services like Web design and copywriting, contact your local university; and check out business and networking sites such as Facebook, twitter, LinkedIn, Craigslist and new.ryze.

Contact local business organizations to find out if they have special offers for members.

Author Denise A. Campbell is the Founder and Creative Director of GoldenPen Writing Ink, a multifaceted writing and communication service.

Originally published for BlackEnterprise.com.

Author: Denise Campbell Laidler
Article Source: EzineArticles.com
Humorous photo captions

As the Southern Nevada business community continues to feel the strains of a down economy, executives are faced with tough decisions concerning how to cut budgets. One item that is often cut is marketing. While these cuts may appear to have little impact and improve the firm’s bottom line, the inverse is actually true. In fact, cutting marketing budgets is a short-term fix that can have long-term implications on a company’s success.

According to a study by McGraw-Hill Research, companies that consistently advertise even during recessions perform better over the long-term. The study looked at 600 companies from 1980 to 1985. It found businesses that maintained or raised their level of advertising expenditures during the 1981 and 1982 recessions had significantly higher sales after the economy recovered. More specifically, companies that advertised aggressively during the recession had 256 percent higher sales revenue than those that discontinued advertising. A recent article on Forbes.com stated that companies that did not maintain a consistent presence during a past recession actually spent four to five times the amount it saved in marketing to regain its market status.

While budget cuts are necessary and it may be hard to justify large numbers allocated to marketing, it is important to remember that keeping the company’s name in front of customers is important. Public presence can lead to new business, and if you are not appearing, you are disappearing from the market – especially in the eyes of the consumer.

Instead of cutting budgets completely, executives should consider more cost-effective ways to reach audiences. The advertising and marketing industry has changed dramatically over the last five years. Companies are now using a mixture of marketing strategies to reach audiences including online marketing, grassroots outreach, co-branding opportunities and media relations.

One of the most cost-effective solutions is online marketing. With the emergence of digital media and social networks, it’s easier than ever to reach specific audiences directly. By using HTML e-mail campaigns, social media networks, online forums and blogs, and company Web sites, companies are able to post information instantly about new developments and correspond with customers in real time through the Internet. The cost associated with this communication medium is significantly lower than its predecessors, which often included fees to print and/or place collaterals piece or ads. One of the main benefits to online marketing is the ability to track the results through numerous online channels.

The Internet also allows companies the opportunity to participate in ongoing conversations about their industries. Over the last few years, the public relations sector of marketing has expanded to include online blogs and citizen journalists in addition to traditional media outlets. In many instances, companies can secure coverage for a news release or trend story ideas more quickly and with greater control of the initial content.

While it is important to explore new outlets for communicating to your audiences, an economic downturn can provide many opportunities to get more exposure in traditional outlets for less money. Publications are increasingly willing to negotiate on rates for placement advertising than they had been in recent years. Many publications are willing to give companies special pricing on long buys and offer deeply discounted prices on open space once the publication is laid out. Publishers would much rather fill the space at a discount than run the risk of leaving it empty.

In addition to price, companies who remain in the media strengthen their voice. With so many companies cutting budgets and pulling back their marketing efforts, those who remain enjoy more exposure. This is true both in print ad placement as well as media relations activities. With fewer and fewer ads appearing in publications, companies are going from one of many to one of few. Continuing to advertise gives them the opportunity to stand out.

Ad placement is not the only way companies are currently saving money. Printers, promotional vendors, graphic designers and even agencies are adjusting pricing to compete in today’s market.

Marketing during a down economy can be a very strategic business decision for any company. The key is to use an integrated approach that combines a variety of different communications disciplines. Companies should use this time to examine the way they are reaching out to their audiences and adjust accordingly. Maintaining a consistent and effective conversation with customers, especially in times like these, will lead to long-term growth and success for any company.

Kassi Belz, APR,
Director of Client Services,
MassMedia Corporate Communications
http://www.massmediacc.com/

Author: Kassi Belz
Article Source: EzineArticles.com
Digital economy, mobile technology