Washington,
D.C.—As the U.S. economy slows down, small businesses can face rising fuel
costs, fewer customers and falling revenue. This presents new financial challenges
for both start-up and established entrepreneurs. Spending wisely on routine expenses
can help make other areas of operations become more cost-effective. Business
owners can take a number of steps that will help them reduce costs and increase
profits. SCORE “Counselors to America’s Small Business” offers
tips on how small businesses can save money. - Check your operational
expenses on a regular basis. If you analyze your profitability once a month,
you may want to do it weekly or biweekly. Review your business plan more often.
Monthly or quarterly reviews will make it easier to make adjustments.
- Monitor
energy consumption at your business. Track and cut any wasteful usage. Install
auto-setback thermostats and automatic light switches. The savings can be dramatic.
- Plan
your driving route and avoid rush hour. Take care of several errands on one
trip, so you don't put extra miles on your vehicle and burn fuel needlessly. Schedule
appointments in late morning or early afternoon, when traffic is lightest.
- Think
of your inventory as company cash sitting on a shelf or in a warehouse doing nothing.
Costs include storage, insurance and taxes, among others. Keep good records and
regularly discard low-selling items.
- Realize that express shipments
for next morning delivery are costly. Consider next afternoon or two- or three-day
service.
- Review vendor relationships at least annually.
These include Internet services, phone, wireless, DSL, shipping, legal, printing
and other day to day expenses. Prices and package deals change and you may be
overpaying.
Many SCORE counselors have experience
with how to cut costs, increase sales and handle an economic downturn, and they
are willing to share their knowledge. Visit www.score.org
and click on “Find SCORE Now” to locate the nearest SCORE office using
SCORE’s new mapping tool. Get answers to your questions via email by clicking
on “Ask SCORE.” Since 1964, SCORE “Counselors
to America’s Small Business” has helped more than 8 million aspiring
entrepreneurs and small business owners through counseling and business workshops.
More than 10,500 volunteer business counselors in 389 chapters serve their communities
through entrepreneur education dedicated to the formation, growth and success
of small businesses. For more information about starting
or operating a small business, call 1-800/634-0245 for the SCORE chapter nearest
you. Visit SCORE on the Web at www.score.org
or www.score.org/women.
Credit:http://www.score.org/newsroom_cut_costs.html Contact
Information
July 24, 2008
Michael L. Keaton, Director of Communications
202/205-7637;
media@score.org
For
more information, contact SCORE's public relations manager at 1-800/634-0245 or
media@score.org
Related
Information: NBA
Strategic Partner - SCORE NBA
Resource Article - “Wellness” Workshops
for Small Businesses NBA
Resource Article - Web Site
with New Resources for Entrepreneurs Reprint
of this article does not constitute an endorsement by the National Business Association;
the article is for informational purposes for our members and viewers of our Web
site. |
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