Posts Tagged ‘Difficult Times’

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
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There’s no question about it: we are seeing the most challenging economic times since the Great Depression. Every day, we read about lost jobs at this company or that, but when was the last time you heard about lost jobs and closing doors at a non-profit organization?

Well, it’s true; it’s actually happening. The non-profit sector is struggling in a big way. The timing could not be worse: we rely on so many non-profits to provide their services – from soup kitchens to health care – and the prospect of scaling back (or closing their doors) is happening when they are more desperately needed than ever in communities, both large and small, all over the country. As a point of reference, we must remember that an organization receives its IRS non-profit status only after proving its charitable benefit to the constituency it serves.

If we review the series of key events over the past months, several specific issues have combined to form that so-called ‘perfect storm’ – we have just completed the most expensive presidential campaign in the history of our country (and, before Obama could deliver his acceptance speech on election night in Chicago, many people were already very seriously concerned about the economy), state budgets have been squeezed, many of the failing private-sector organizations (even Freddie and Fannie) were large contributors to the non-profit sector, and individual donors have seen their savings drop more than any other time in their lifetime.

Let’s face it; the magnitude of the current financial situation – and its effects on the non-profit sector – is huge.

But, the purpose of this article is to provide some positive steps to help proactive non-profits achieve success (survival?) even during difficult times. True, just as in the for-profit sector, not all non-profits will survive. We cannot change that fact in a capitalistic society. However, we can encourage non-profits to exude excellence and compete successfully among their peers for precious funding dollars.

I received an email on March 26, 2009 from a group, whose information I try to follow, known as “IT Solution Journal.” The subject line read as follows: “Compliance Rules: Tools, Policies and Best Practices That Are Cost Effective”

Wow! That’s the subject near and dear to my heart: non-profit compliance in the areas of ethics, governance, and accountability. As I have stated in previous articles, I believe that pro-active compliance is a sure way for a non-profit, charitable organization to signal its commitment to excellence.

So, in part, here is what that email had to say:

“Organizations of all types and sizes, industries and professions have long been mindful of the need for legal and regulatory compliance. In the current economic environment, however, forward-thinking organizations now are shifting their focus somewhat. Mere adherence to laws and regulations is no longer enough. Thanks to tight economic conditions and a fiercely competitive business environment, proactive managers and executives are committed to implementing strategic email and Hosted Service management…”

The good news: My experience has been that non-profit organizations have been extremely resilient over the years. And, my belief is that non-profit organizations are better-suited to address a number of our most pressing problems than either the government-sector or the private-sector organizations.

And, the bad news: I am concerned that most non-profits have not been as diligent as they should with their regulatory compliance. To date, the critical document for a non-profit, charitable organization has been the IRS Form 990, filed annually. It is my opinion that this will begin to change more and more (as I have mentioned in previous articles regarding the focus that Congress has placed on non-profit compliance and the increased scrutiny it has mandated to the IRS.

Foundations are watching their endowments drop, thereby making the case for less grant funding and their boards struggle with eroding investment portfolios. The same is true with individual donors. So, how does a struggling non-profit gain an edge?

I have five suggestions:

1. Don’t panic. Now is the time for calm, cool, collected thinking.

2. Make necessary changes. If there are board members or staff members who are not serving the organization adequately, replace them. Now is the time to rally your best and brightest minds and your most ardent supporters.

3. Review your IRS compliance requirements. Make sure you have your policies in place – and, make sure you are following them. Ethics, governance, and accountability measures will speak volumes.

4. If you are fortunate to have an endowment, use it. Avoid watching the stock market numbers every day. Keep your mind focused on the future.

5. Talk to your donor base, membership base, and continue to seek grant funds. This time, however, do it from a position of excellence. Don’t be reluctant to tout the professionalism of your organization over your peers.

In conclusion, this is a time of tremendous challenge; however, it is also a time of exciting opportunities. It’s time for non-profits to compete like never before (not in petty terms) but in all things that exude excellence, confidence, and strong business acumen.

Rob Glenn is the founder and president of The Center for Ethics, Governance, and Accountability (CEGA). His organization seeks to provide non-profit organizations with compliance policies that will provide a competitive edge for grant writing, donations, and charitable support. More information about CEGA can be found at http://www.centerega.com

Author: Rob Glenn
Article Source: EzineArticles.com
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