SCORE Offers Tips for Firms Facing a Sour Economy
SCORE, a network of experienced counselors to small businesses, offers tips to help firms in a faltering economy:
- Check your operational expenses regularly by analyzing your profitability and expenses weekly or biweekly rather than just monthly.
- Monitor your business's energy consumption by installing automatic light switches and automatic thermostats.
- Plan your driving route and avoid rush hour. Take care of multiple errands in one trip to avoid the extra gas and extra mileage for your vehicle.
- Think of inventory as company cash sitting on a shelf or in a warehouse doing nothing. Costs include things like storage, insurance and taxes. Keep good records and discard low-selling items regularly.
- Rethink costly express shipments if you can do with afternoon or two- or three-day service.
- Review and renegotiate vendor relationships annually such as Internet services, phone, wireless, DSL, shipping, legal, printing and other daily services. Prices and package deals change so avoid overpaying.
By Sharon McLoone |
July 28, 2008; 1:05 PM ET
Tools and Tips
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