For many small businesses, regardless of its stage of growth, there are usually a number of standard monthly costs that always seem to dig into the business’ bottom line profits.
Whether it’s vendor and supply costs, marketing and advertising costs, human resources costs, or otherwise, these costs are a pain to deal with, yet they are necessary to the fundamental operation of the business.
As a company that provides business financing to many different types of companies, we at Direct Capital have a great interest in helping our clients maximize their financial strategy at the operating cost level. To that end, we set out to learn more about effective operating cost strategy, and more specifically, what business owners can do to effectively reduce their overall operating costs. To do that, we asked 28 small business finance experts the following question:
“What’s the #1 way small businesses can reduce their monthly operating expenses?”
We’ve collected and compiled their expert advice into this comprehensive guide to managing business operating costs. See what our experts said below.
Meet Our Panel of Small Business Finance Experts:
Slavy Slavov, Chuck Richards, Korey Lind, Hamilton Powel, Melanie Angelis, Jim Gustke, Sara S. Helmy, Brian Gatti, Bill Hughes, Nicole Munoz, Jon Zimmerman, Ed Herrera, Michelle Geib, David Johnson, Athena Karsant, Paul J. Wallin, Jeremy Levy, Paige Dawson Rodriguez, Boris Kontsevoi, Jeb Molony, Marquita Miller, Randy Collack, Julia Angelen Joy, Jake Ducey, Michael Kawula, Vladimir Galant, Michael Salem, Sherry Holub
Athena Karsant is an internationally renowned master cosmetic, corrective and paramedical tattoo specialist who has been featured onThe Emmy Award-Winning television show, The Doctors TV. She performs the standard permanent makeup procedures, as well as corrects botched permanent makeup procedures. Additionally, she has built her reputation on the paramedical work that she does, including scar camouflage, areola repigmentation, and her work with burn survivors. Athena has offices in Beverly Hills, Newport Beach, and San Francisco, CA. Learn more about Athena at her website, FoolingMotherNature.com.
The #1 way that I reduce my operating costs each year is…
To call around to different companies and suppliers to get the best pricing for the best services.
For example, if one company is offering a service at a certain price, I will call one of their competitors requesting a quote and informing them of the other quote I had received. Typically, they will come in either with a better price or more included with their plan. Then I go back to the original company I spoke with and inform them of the other quote and see what they can do. This can work with insurance, phone bills, credit card processors, etc.
About Direct Capital
Is your business looking for finance? Direct Capital has been providing small businesses with financing solutions since 1993. With the recent acquisition by CIT we can now help you and your business with our new and improved loan program. Visit our website to learn more!