Value Surge - Smart Cost Saving Tips


Published on shares smart and savvy tips to help your business cut costs, while contributing to the value of your company.

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Value Surge - Smart Cost Saving Tips

  1. 1. Value Surge – Smart Cost Savings to Increase Your Business Value<br />Benjamin Franklin once said: <br />“Beware of little expenses; a small leak will sink a great ship.” offers 25 practical tips to help your <br />business stay afloat and sail on to greater value.<br />
  2. 2. consistently advises that a key advantage of a current business valuation is the ability to identify and deal with value detractors. Often these are items in the expense category — and targeting the value danger zones not only save business owners money immediately, but that savings translates into exponentially higher cash-out value at the closing table.<br />Entrepreneur magazine listed several practical tips to help businesses cut down on expenses. We felt the list merited being shared, and we added a few of our own suggestions too:<br />
  3. 3. Promote your business – here, there, and everywhere<br />Bundle your advertising efforts, such as including <br />advertising material in your billing snail mail.<br />2. Split advertising and promotion costs with your <br />neighboring businesses.<br />3. Use customer testimonials in presentations and informal conversations to promote your product or service.<br />4. Always include a bit of your business information, e.g. URL or brand logo, wherever or on whatever you can attach it to – on letterhead, email signatures, and promotional items, to name just a few.<br />5. Offer expert advice. Share your expertise to the community, and promote your business in the process.<br />
  4. 4. Gain New Customers<br />6. Ask your contacts for referrals.<br />7. Sell your products on online auction sites <br />like eBay and Yahoo! Auctions for next <br />to nothing.<br />8. Join newsgroups geared towards <br />your audience, and chat away.<br />Try a new location<br />9. When appropriate experiment with kiosks or temporary spaces as a way to reach a broader audience.<br />Photo from<br /><br />
  5. 5. The best things in life are free<br />10. Hire interns, and get free or low-cost help in the process.<br />11. Seek free technical solutions such as Gmail and Google Apps for email and electronic document management and for web conferencing. These solutions are not identical to the high priced legacy solutions, but the free price tag minimizes the sacrifices.<br />Go Green<br />12. Buy recycled printer cartridges.<br />13. Buy used equipment.<br />
  6. 6. D-I-Y: Do it yourself!<br />14. Learn something new that can save money for your business, such as writing your own press release instead of paying somebody else to do it.<br />15. Save on shipping costs by picking up <br />supplies yourself, whenever it is practical <br />and does not take you away <br />from running your business.<br />Be in control<br />16. Use independent contractors.<br />17. Keep track of small expenses, say below $75, since they can still add up.<br />18. As a new business, go to the city hall and compare your tax rate with the other businesses in the area. Negotiate.<br />
  7. 7. Be smart about your insurance<br />19. Buy appropriate insurance upfront <br />to save money in the long run.<br />20. Save on business interruption insurance <br />by arranging for an alternative place <br />in case of a major disaster.<br />21. Raise your deductible to lower your premiums.<br />
  8. 8. Remember that credit is money - Benjamin Franklin<br />22. Avoid credit card cash advances.<br />23. Be reluctant to extend credit.<br />Make your money work for you<br />24. Make bank deposits early enough <br />to earn interest on it the same day.<br />25. Take advantage of making payments <br />as late as possible without incurring <br />a fee. This will earn a return for you <br />rather than someone else.<br />
  9. 9. is a professional, third-party business valuation company focused on value-enhancement techniques designed to maximize the value of businesses, and meet the exit strategy objectives of its owners. We have more than two decades of advising <br />and deal-making experience with middle-market businesses.<br />We always have your end game in mind.<br />
  10. 10., we provide affordable,custom solutions to help every business owner charta course to higher value.<br />Now for a limited time, we are offering afreeassessment of your business. Contact ustoday to learn how to take advantage of this great offer!<br />----------------------------------------------------------------------------------------<br />Learn more about why Value Matters.<br />Follow us on Twitter: @ebizappraisals<br />Join our Linkedin group:<br />Check out Facebook page:<br />