You might have the best product, the most attractive website and the greatest staff. But if your costs outweigh your income, youre going out of business. Stamford resident Deena Kaye helps business owners cut costs so they can concentrate on enhancing their businesses instead of playing catch-up with expenses. Her consultancy, Expense Reduction Analysts , is based in Westport.
I work with mid-market businesses, depending on where they need help shipping, logistics, people or any other areas that could be streamlined. The list of business costs include equipment leasing and maintenance, janitorial, merchant card processing, payroll processing, printing, records management, temporary labor, uniforms, utilities, waste management, telecommunications and health benefits.
Kaye says she hasnt seen one or two overriding problem areas with clients. Every industry is different, she says. There is one area that is universal, however. Everybody is concerned with price increases, she says. And then theyre especially concerned that they want good pricing but they still want great customer service.
If you want a better price from a vendor, ask for it, Kaye says, especially if you regularly pay them on time. Your money is golden. You should leverage that, she said. Go to your vendors and say, Were good payers. Lets talk here.'
Other tips Kaye offers to cut costs and improve efficiency include:
Prepare a comparative list of vendors.
Improve your work process. Every movement of pencils, every call that you can eliminate, is time freed up, she says.
Standardizing tasks. Do everything the same way, across departments, if possible.
Reduce overproduction and overstocking.
Consider outsourcing; it may cost less in the long run.
Dont invest in long-term equipment contracts. Anything over three years, dont do it. Technology changes too fast.
Kaye recently gave a talk to small business owners at Stamford First Bank . She offers free one-hour consultations. For more information, call 203-550-2094.
Are you a business-owner? Whats the best tip you can offer a startup business to help cut costs?
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