Archive for the ‘Reducing Business Expenses’ Category
Friday, January 20th, 2012 |
Employee theft is certainly a sensitive issue. But it’s also a necessary one for all businesses to address… before it happens. In this month’s article, Mitigating the Risk of Employee Theft, I paint a grim but realistic picture:
“For small business owners, employee theft can be a fatal blow and put an end to their business. For larger corporations, it can have an equally undesirable outcome. In Alaska alone, we saw several prolific cases of embezzlement and employee theft this year, each case involving employees who embezzled corporate funds.”
But there are ways to mitigate this risk. Read my article to learn more.
Read the article: Mitigating the Risk of Employee Theft
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Posted in Alaska, Business Insurance, Reducing Business Expenses, Risk | No Comments »
Wednesday, December 21st, 2011 |
As the year comes to a close, business owner’s minds turn to… cash flow. Use my article and included downloads to manage your cash flow and keep it positive!
Read the article: Go With the Flow
Get the Downloads
Projected Statement of Cash Flow (Adobe PDF)
Monthly Cash Flow Status (Microsoft Excel)
Business Risk Management is sponsored by Business Insurance Associates, Inc.
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Posted in Finance, Reducing Business Expenses, Risk, Small Business | No Comments »
Wednesday, November 23rd, 2011 |
In the first installment of my Tech Talk column, I advise computer users on my best tip for troubleshooting, “The ‘What Changed?’ Effect“:
“In the world of Information Technology, there is no cookie-cutter solution when setting up computer networks. Even when using the same hardware, the results from two network configurations can vary. So what happens when there is an issue? What do you do when it’s not working the way that it’s supposed to? This is where the “What Changed?” Effect comes into play.”
Read the article – “Tech Talk: The ‘What Changed?’ Effect”
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Posted in Reducing Business Expenses, Technology | No Comments »
Thursday, August 18th, 2011 |
Many companies are making the leap to wireless networks in the office for both financial savings in overall equipment and sheer convenience for their employees – this month’s Business/News & Views® offers an article on “Working Wirelessly: What You Need to Know.”
Read the full article: “Working Wirelessly: What You Need to Know”
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Posted in Reducing Business Expenses, Technology | No Comments »
Thursday, August 4th, 2011 |
In this continuation of my series on surviving an audit, I tell you how to “Protect Your Pockets in 5 Steps.”
In a tax audit, the IRS Auditor’s job is simple: find errors in your return that will increase the amount of money you owe the government. Your goal is also simple: keep their hands out of your pockets (or at least from going all the way to the bottom).
Read the full article: “Protect Your Pockets in 5 Steps”
Read the 2nd article in the series: “Remember, It’s Your Pocket”
Read the 1st article in the series: “You Have Been Selected”
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Posted in Finance, Government, Reducing Business Expenses, Taxes | No Comments »
Thursday, July 14th, 2011 |
In this continuation of my series on having your tax return selected for a review (that means “audit”), I encourage you to take charge of the situation and, “Remember, It’s Your Pocket.”
This year, auditors are really after those filing a Schedule C. Their goal is simple: find errors in your return that will increase the amount of money you owe the government. Your goal: keep their hands out of your pockets.
Read the article: “Remember, It’s Your Pocket”
Read the 1st article in the series: “You Have Been Selected”
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Posted in Finance, Government, Reducing Business Expenses, Taxes | No Comments »
Tuesday, May 17th, 2011 |
In my controversial new article,One Arm Tied Behind Our Back, I write,
“It has never been the intention to make this column a political platform, but the ‘unusually uncertain’ or more aptly, ‘political uncertainty’ is crushing our economy. If the reasons for this uncertainty were simple economics, then business would move on looking for effective ways to address the unknown. In this case the uncertainly is by design– creating circumstances where we are competing with ‘one arm tied behind our back.’”
Read the full article: One Arm Tied Behind Our Back
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Posted in Business Mentoring, Business Planning, Economy, Government, Reducing Business Expenses | No Comments »
Friday, April 29th, 2011 |
This month in Business/News & Views® – Learn the economic meaning behind the cost of a new suit (Hint: don’t expect any good economic news here). Following the economic news, learn how to weather the upcoming storm with cost-cutting and revenue-adding business tips from David Weatherholt in his article, “One Arm Tied Behind Our Back.”
Not all is bad news, as we highlight some of Wells Fargo’s up and coming in Alaska. And harness the power of “Word of Mouth Marketing” from marketing expert Amanda Cullen. Then chill out as you learn to “Listen to the Radio on Your Computer.”
Read the newsletter: Business/News & Views®
Posted in Alaska, Business Planning, Economy, Getting Down to Business® eNewsletter, Recession, Reducing Business Expenses, Technology | No Comments »
Monday, February 28th, 2011 |
During this “Getting Down to Business,” Alaska State House Representative Chris Tuck talks about the Legislature’s hectic schedule and what citizens can expect this session. The 27th Regular Session began January 18, 2011 and runs to April 17, 2011. As of this program, 251 Bills have been introduced. The Alaska State Legislature maintain a thorough website of meeting schedules, session dates and the ability to track bills. All Alaskans should check it out!
Chris Pobieglo,CRIS and President of Business Insurance Associates, Inc., joins the show for his regular segment “Risk Management.” He starts his series on Worker’s Compensation, which aims to help small businesses untangle this difficult issue. Or, as Chris likes to put it – “Workers’ Compensation Unwrapped!
Listen or download below:
Alaska Legislative Update
Posted in Alaska, Business Insurance, Government, Reducing Business Expenses | No Comments »
Thursday, December 16th, 2010 |
Have you finalized your marketing budget for 2011? Have you even thought about it? In my article from Business/News & Views, I provide guidelines for 2011 budgeting that will allow you to “Cut Marketing Costs, Not Effectiveness.” This easy but crucial budgeting process will help you make profitable marketing decisions for the upcoming year.
Read full article: Cut Marketing Costs, Not Effectiveness
Posted in Marketing, Reducing Business Expenses, Small Business | No Comments »
Monday, October 25th, 2010 |
Save money and commuting time by opening a home office. Many small businesses (and large ones, too!) are finding home offices to be great solutions to their needs. In the recent issue of Business/News & Views®, we gave tips for how to make the transition successfully.
Read the full article: A Better Home Office
Posted in Reducing Business Expenses, Small Business | 1 Comment »
Wednesday, May 26th, 2010 |
Have you ever wondered what Six Sigma is? In this episode of “Getting Down to Business,” David’s guest Eric Britten will demystify the concept and explain how Six Sigma helps businesses cut costs and boost profits even in tough times. Eric is president of Britten & Associates.
David also brings some news for lending opportunities for small businesses and a short history of management science. Six Sigma is actually the culmination of the slow growth of management science.
Listen or download below:
Demystifying Six Sigma
Posted in Business Planning, Reducing Business Expenses | No Comments »
Wednesday, October 28th, 2009 |
In October’s edition of Business/News & Views®, you will find some great advice on blogging for small business, pricing for profits and protecting your business’ wireless network. David Weatherholt also provides an economic summary, including unemployment figures, personal income and consumption and the national GDP.
We write Business/News & Views® for your small business, so we are certain you will find the articles informative and useful.
Click here to read October 2009’s Business/News&Views®
Posted in Getting Down to Business® eNewsletter, Marketing, Reducing Business Expenses, Small Business, Technology | No Comments »
Friday, October 23rd, 2009 |
What does it cost?
Have you ever gone to a local store because of their advertisement? And have you been disappointed by the overall customer experience?
The company, you add the name, just wasted valuable advertising dollars on poor customer service. Buy low. Sell high. Keep the difference. Customer service is an expense that increases businesses costs, the buy part of the equation and reduces the difference. Businesses face a myriad of costs from credit, insurance, bank and credit card fees, labor, shipping, travel, taxes and now add the cost of customer service, wow!
If you can pass all of these costs along to your customers and remain competitive, great. If not, then your profit margin takes a hit. In business someone has to pay every cost (although the government is trying to change that). The simple choice is; either you or your customer. If the business does not pass a cost along to the customers, then they are paying. The question, are your pockets that deep? Will your customers accept these costs?
There is a way to take charge and reduce businesses expenses. These are scary times to be in business and determining the real cost of doing business may be something you would rather not know. The good news is that a close examination of business expenses will identify areas that are controllable. Armed with this information, a plan can be developed to trim costs and increase profits.
Customer Service is one controllable expense that, when addressed, will produce a win/win for you and your customer. Advertising should always be looked at as an investment in your business. Creating and implementing effective advertisement is a great way to increase sales. You are buying leads to interested potential customers. Customer service converts these leads to sales.
If the advertisement effectively attracts potential new customers, it has done its job. If this potential client is converted to a customer returning again and again, then your investment has paid off. If, however, a potential customer has a bad buying experience, then your investment in advertising has turned into a business expense that should be reduced.
The value of a new customer can be calculated, and that final number may surprising. In a simple example of a restaurant bringing only $10 per customer means that single customer represents over $1,500. If you spend $5,000 on an advertising campaign that produces 10 new customers…well it doesn’t take an MBA to figure out this was a good business decision. Using the “New Customer Value” worksheet is the tool needed to calculate the value of a new customer. The sheet is available in two formats, an Excel spreadsheet containing formulas and a PDF file for hand calculation. Click to download below:
Value of a Customer Worksheet (Adobe PDF)
Value of a Customer Worksheet (Microsoft Excel)
During economic downturns you will have time to closely examine your business, make corrections, and be ready for the inevitable upturn, returning with a leaner, more profitable company. Knowing the value of a customer, new and old may not only pleasantly surprise you but become a helpful tool for measuring your advertising investment against the benefits produced. Your staff can see the economic value of providing good customer service, which promotes the success of your business, moving it to the next level.
Posted in Customers, Marketing, Recession, Reducing Business Expenses | 1 Comment »
Monday, June 15th, 2009 |
In the June 2009 issue of Business/ News & Views®, David Weatherholt delivers a stirring op-ed to see the opportunity for cutting costs in this recession– there’s never been a better time to trim fat. Amanda Cullen explains how your existing customers create new customers for you. The Internet Tips & Tricks feature provides advice for small businesses on getting more websites to link to their websites.
Read now: Business/News & Views® – June 2009
Posted in Customers, Entrepreneurs, Getting Down to Business® eNewsletter, Marketing, Recession, Reducing Business Expenses, Sales, Small Business | No Comments »
