Preserving Cash For Your Business
photo credit: AMagill
If you’re running a small business today and aren’t thinking about how to tighten your belt, you are surely in rarefied company. But if you’re like the rest of us, you’re scrambling to cover expenses, pay bills and make payroll.
Take a look at all of your expenses going out in such things as insurance and yearly contracts. Instead of just simply renewing these contracts assuming they are still valid, take a look and see where there can be a change made that will save you some money.
You may have several service contracts that you don’t really need anymore. Your insurance policy may not reflect the current years prices and should be changed accordingly. Invite your insurance agent to visit your business once a year to re-evaluate your policy.
OpenForum suggests reviewing your current medical insurance plan and see where a few changes could be made that will definitely save you some money. There may be some medical add ins that you can trim off.
RedHotFranchises on July 1st, 2009 7:37 pm
In the current environment it is not just the high performers who are increasing their focus on cash. We are living in a time where business complexity continues to grow, globalization places increasing strains on the supply chain, and the availability of credit is no longer guaranteed, therefore it is very important to preserve cash for your business.
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