Skip to content

Keeping Your Expenses in Check

November 14, 2012

Keeping your expenses in check requires a great deal of housekeeping and discipline. Continual review and reassessment of every single line in the expense section of your profit and loss statement is the only way to ensure that your expenses don’t creep up and eat away at your hard-earned profits. When you are spending thousands of dollars every month on expenses, a little bit of research and negotiation can make a world of difference to your bottom line. If profits are eluding you, here are a couple suggestions to help you save your pennies.

Telecommunications

Telephone, internet, cell phone, cable, and fax/modem charges can easily add up to a thousand dollars a month. Look beyond the usual big companies and consider VOIP telephone services and Ultra High Speed Internet via cable or shared wired services to cut costs. For toll-free phone services consider players such as TekkSavy or Grasshopper. Today most numbers are portable, so you can change provider without changing your contact numbers.

Credit Card Processing Provider

Don’t be fooled by the 1.7% quoted by Visa and MasterCard; this is their hook. Read all the small print including how much is charged for Premium Cards, what are the assessment fees and the upcharge when you enter the card number manually, the monthly terminal rental and membership fees, and the cost of your hard copy statement. I have seen a salon making over $1,000,000 a year save more than $10,000 annually by switching their provider

Advertisements
Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: