Cost-cutting Strategies How To Conduct An Internal Audit
Learning to control costs is key for a puny business owner – especially in a struggling economy. Performing an internal audit determines cost-cutting measures and dollars saved go toward your bottom line. Print this email and hold an Internal Audit Day or handle these one by one.
- Scrutinize your phone bill. Do you need more than one line? Can you re-evaluate your long distance plan? Shop around to different carriers. If you find a better deal, call your existing company and let them know. Ask if they can be competitive.
- Are you advertising in the yellow pages? Magazines? Newspapers? Call your sales accept and choose if there are any special rates or packages. If you’re considering a new placement, find out the deadline and purchase the ad as close to it as possible. Sales reps are generally more flexible close to deadline.
- Are you paying for a business banking account? There are many banks that offer free business checking. Also check into interest-bearing accounts.
- Look online for credit cards with rewards programs or low rates. Many offer 0% on balance transfers and purchases. Credit cards linked to the Thank You Network (www.thankyou.com) also yield great rewards.
- Business insurance is often overlooked, re-evaluate the coverage you need and call a few different providers. Consider raising your deductible and put the money you are saving into an interest-bearing account.
- Credit card processing – consider online options like PayPal or shop around for competitive rates.
- Do you really need all of those printed materials (brochures, folders, etc)? Think before you print! Use discount services like www.vistaprint.com.
- Partner with other businesses to buy items in bulk.
- Shop around for your health care providers. Ask employees if they would mind contributing a bit more to the plan.
- Think twice before making new purchases. Do you really NEED a new computer, printer, phone, craft material, etc or can you put it off a little longer?
- Barter, Barter, Barter! Find business partners that would be inaugurate to using your services in exchange for theirs.
- If you need new equipment, check Craigslist, eBay and even the ‘scratch and dent’ section of your local stores. There is a flood of gently used office equipment on the market.
- Decrease your speak mail by 1. Combining with email marketing. 2. Buy or lease a postage meter or scale to eliminate overpayment. 3. Send postcards.
- Internet security – why pay for Norton if McAfee and other services are free?
- Look at your magazine subscriptions – do you really use, or read, them all?
- Which organizations do you belong to? Are they really benefiting you?
- Ask if you can negotiate rent on your office space. Look around for less expensive options or consider working from your home.
- Gawk at your ‘green’ options – energy efficiency saves money. There are plenty of online resources for ‘greening’ your business.
- Replace some in-person meetings with online options such as WebEx or even Skype.
- Hire interns to help with work – offer college credit as payment or a small stipend. Call your local colleges to post the position.
- Consider independent contractors for IT, marketing, accounting, etc.
- Order checks from a printing company rather than your bank such as www.checksunlimited.com
- Shop around online for cheaper airfare, hotels and rental cars. Call your credit card company to see if they offer any special coupons or rewards. Always designate up for airline and hotel rewards programs. Never dine in your hotel – bring bottled water and snacks and find a local eatery.
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