He gave them a copy of the company´s expense report and they spent hours reviewing it line by line and cancelling the majority of expenses. Only Keep Expenses with a Critical Business ImpactĬhallenged by a sudden and critical decrease in revenue due to the COVID-19 crisis, one of my Board’s Members, Eduardo López Arellano, decided to gather his executive team for an urgent meeting.
I just never knew we needed to eliminate this waste!” He was given a huge reward just for offering a perspective his leadership did not share.īob Dodge, President at TAB Denver West 6. I know of an employee who, when told of an attempt to make a significant savings, said, “That is simple, I know of ways we could stop doing this, it would achieve your objective, because I designed the current system and I know there is waste in there. They see the wasted time, effort and money spent every day. One often overlooked way to find savings is asking your employees for their insight. Want additional insight? Best Ways to Secure Capital for Your Business now to learn more 5.
Even if that practice is only going to be temporary, it will improve margins and potentially boost their vendor credit.ĭiane Knudsen, Owner at TAB Ventura County They may be able to capture a few “Gross Margin” percentage points by taking advantage of early pay discounts. Boost Vendor Credit with Early Pay DiscountsĬompanies who have received PPP might actually have an unusual level of liquidity right now. Steve Drury, CEO at TAB Focused Directions, Greater Denver and Colorado Springs Areas 4. There may be strengths and skills that you’re not leveraging for the good of your business.
Do More with Your Human CapitalĪssess the strengths of your team members. The numbers tell a story, and often in that story are ways to save money or increase the ROI for the money that is spent.īob Haines, President at TAB Treasure Valley, Idaho 3. Business owners should know and understand their Balance Sheet, Cash Flow Statement, and Profit and Loss Statement and be able to explain them to a 3rd party. Too many owners defer all of their financial knowledge to an accountant or advisor who may tell them where the money went, but not what the ROI is for that expense. Understand the ROI of Your ExpensesĮvery business owner should know their numbers and stop spending money on expenses that don't bring a return on their investment. Jodie Shaw, Chief Marketing Officer at The Alternative Board 2.
Hidden business operations free#
When properly managed, credit card reward programs can give you free products and services, freeing up cash to be used in other ways. Be warned, this only works if you have enough cash flow to pay off your corporate credit card each month, otherwise you will be paying interest on the expenses you charge to the card. For example, a credit card that gives you a percent of all purchases made in the month in store credit on sites like, can be used for regular office expenditures like coffee or stationery.
Hidden business operations full#
If you have expenses that can be paid by credit card, with the balance paid off in full each month, using a corporate credit card with loyalty reward programs gives you access to free money. Use Credit Reward ProgramsĪll businesses have outgoing expenses that must be paid each month. That’s why we tapped our leaders across the country for their creative solutions you can deploy to find hidden money in your business. Many leaders are relying on tried and true revenue generating strategies like upselling existing clients, branching out to new markets, or offering special offers or discounts to attract new customers.Īt TAB, we recognize that extraordinary circumstances often require extraordinary solutions. With the strains of rolling shutdowns across the country, many businesses are finding their profits diminished or uncertain.
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