10 Strategies for Reducing Business Overhead Expenses – Webinar
This year I have put renewed emphasis on increasing my profits. One way I am doing that is by reducing expenses
Join me on Wednesday, May 6, 2009, when I will be hosting a webinar offering 10 strategies for saving money and reducing business overhead. This is going to be a very practical session that is heavy on specific tips and resources you can use to cut expenses in your business, including:
- taking advantage of trade credit terms like 2/10/60
- the value of paying ahead and prepaying for annual contracts
- the benefits of software-as-a-service on cash flow and how it can reduce IT costs by 35%
- how to take advantage of trade-in, trade-up and startup programs for great deals and free stuff
- participating in customer loyalty programs of your vendors
- and much more
There are bound to be a couple of money-saving strategies your business can put in place.
I will be available to answer your questions, too.
Date and time: May 6, 2009 from 2:00pm – 3:00pm EDT time (11:00am to noon, Pacific time)
GO HERE TO REGISTER FOR THE WEBINAR.
This webinar is produced and sponsored by Verizon.
PLEASE NOTE: if you are tweeting this session on Twitter, please use #SMBSAVE as the hashtag.
Blue Fountain Media
Founder of Small Business Trends
I have registered for the webinar. It will be interesting to listen to it. As an experienced purchaser, my overall tip for reducing expenses is to focus on building a solid relationship with your key suppliers and vendors.
Anita: What do you mean by “trade credit terms like 2/10/60″? Is that terms of payment: 2, 10 and 60 days? You will find out that the payment periods are different in different countries around the world.
Anita,
Great topic! I was able to reduce my expenses last year. As a matter of fact, I did it so well, that I had to pay a little more in taxes.
The Franchise King
Joel Libava
Hi Martin, yes, those are terms of payment. If an invoice has “2/10/net 60″ on it that means the buyer gets a 2% discount if paying the bill within 10 days, or must pay the balance within 60 days.
Another version is 1/10/30, meaning you get a 1% discount if paid within 10 days, or the balance is due in 30 days.
It’s good to take advantage of such discount terms.
What are the typical payment terms in Sweden and Europe?
Anita
This sounds great. I think anyone can benefit from reducing expenses. I already know that I would learn something new since I too was unaware of 2/10/60 credit terms.
Sounds like quite the learning experience . . I’ll have to check it out now!
According to Grant Thornton’s International Business Report of 2007, the global average is 46 days for payment of invoices. In the Sweden the average is 40 days. The standard term is 30 days net. If you are doing business with “southern” Europe, you have to be a bit more patient. Companies in Spain and Italy take >70 days to pay the bill.
I saw the term X%/10/30 used by German suppliers. The thing is that it could sometimes be hard to get it through the administrative pipeline at the accounting department on time. It could be good to use the discounted price (X/10/30) due to the fact that it is hard to get a better deal (i.e. bank interest) from the banks if you wait to pay the invoice. The thing you have to look into is to what kind of cash flow situation you have. How quick do you customers have to pay you and how many days on average do you have until you have to pay your suppliers.
Excellent idea, Anita. We plugged your webinar at http://www.businessplan.com as well (check it out here: http://www.businessplan.com/article/ToolsYouCanUseReducingOverheadExpensesWebinar). Loooking forward to hearing your tips.
Brittany Schaeffer
http://www.businessplan.com
Credit terms have been very important to my customers in the last few months. This is how they have been able to grow their company’s and keep costs down.
This is interesting. I wanted to try this one too. Thanks!
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