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You are probably very aware of where your money is coming in from, but do you know everywhere that it is going out? It's important that you do know, and that you have total control over it.
You should comparison shop for anything you buy for your business. From paper clips to computers. Call all the office supply stores in your area for a price list, and go with the best deal. You should ask for new price lists from all of your vendors and their competition on a quarterly basis.
Professional and trade associations often offer their members discounts on insurance, travel, shipping, and other common expenses. You should check into this. You may also get discounts with your charge or credit cards.
When your telephone bill arrives, check and double check the charges. The telephone company has been known to make mistakes. You should keep a log of all long distance calls you make, when you make them. Write down the date, number, time you connected, and time you disconnected. Compare this to your telephone bill.
Call your long distance provider, find out if there are any special packages that you are eligible for, or that will suit your needs. Then call the competition, and find out what they have to offer. You should do this every quarter also.
Shop around for better insurance rates twice a year.
If you do a lot of shipping or deliveries, call all the shipping and delivery companies in your area. Try to negotiate a volume discount.
Be careful of using petty cash. The expenses may be petty...but they sure will add up fast. Before reaching into the cash box, ask yourself if it is a necessary expense...can you live without it? If the answer is yes, don't buy it....that is more profit in your businesses pocket.
Look at all the services you use and suppliers and vendors that you deal with. Look for ways to cut costs, negotiate deals, etc. You can possibly save $1000 per year, or more.
