Cost Cutting Thursday!

March 26, 2009 at 6:00 am Leave a comment

Every Thursday, we introduce FIVE COST CUTTING TIPS.  Here are our favorites for the week:

  1. Reduce your Credit Card Interest Rates Just like with personal credit cards, your business credit cards could be carrying a hefty interest rate.  One of my favorite blogs in personal finance is The Simple Dollar.  Trent recently posted some great steps to reduce your interest rate on your credit card(s).  He describes how to call the credit card companies and ask for a lower rate.
  2. Is your advertising paying for itself (and then some)? Last week, we discussed the analysis of your marketing plan.  If you don’t already, ask your clients how they found you.  Take a look at how much you spend on advertising and compare that with the list of “where clients are coming from” and how much they spend on your services.  Does it justify the price you are paying for the ad?  Over time, you’ll be able to determine if one ad is worth its cost or not.  Often times, people are paying for ads that aren’t yielding any returns.
  3. Look at your lifestyle expenses Being in the wedding industry warrants that we be involved in a number of social and networking events.  It’s part of our job to meet and greet… and spend money on dinners, and drinks, and coffees, and treats.  And, while these expenses are tax-deductible, it is still money out the door.  Now, because I know that a good portion of my clients are from referrals, I find these expenses to be a valid expense.  But, it’s important to put together a spending plan and stick to it.  Pick and choose which events are the most wise “networking investment”.
  4. Printer ink is expensive You are spending a lot on your printer ink. Cartridges run $20-30 in most cases (and that is just for the cheap inkjet.)  If you are an organizational nut like I am, you probably do a lot of printing: client info, questionnaires, email, etc. Most of the “office printing” does not need a high-quality print.  I have a high-quality printer that I use for client marketing materials.  And, I have the “office stuff” printer for which I use recycled cartridges.  Cartridge World will refill your cartridges: good for your wallet, good for the environment.
  5. Watch your gas mileage Many of us drive all over the city to meet with clients.  We can rack up 100 miles in just one day driving in several directions.  This is affecting your gas expenses (and the wear and tear on your car).  Last Friday, Kelly Simants had a great tip in time management: plan out your week and schedule your meetings on one or two days of the week. This can also help how much you are spending on gas.  Once you are out of your house or office, maximize the time on the road and get all of your meetings and errands out of the way.

We’d love to know what YOU do to cut costs.  Send us your tips by emailing!


Entry filed under: Easy & Inexpensive Tips, Money Savers, Time Management.

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