in your penny-pinching business tips. Click
"I increased business profit from $20,000 to $50,000 in a
single year by doing the things you mention in your books.
Every dollar saved is a dollar added to your bottom line!"
"I have introduced an oily rag mentality throughout my
business. Everyone in the business has benefitted. I have shared
the rewards with staff so they are now being paid more and the
business is more profitable so their jobs are more secure, and I
am doing better too. It's a win-win."
Would you like
to be advised when this new oily rag title is released?
a Business off the Smell of an Oily Rag
Businesses are just as bad, no -
probably worse, than the rest of us when it comes to wasting money.
Well, here is your chance to change all that.
- If staying in a Motel be sure to ask
for their corporate rate - it's a lot cheaper than the list rate. As
long as you have a business card you should be entitled to the
cheaper rate. For example, one motel had a corporate rate of $125
compared to a "list" rate of $185.
- Using your credit card is an easy
way to get things for free. ASB Rewards "pay" 1 point for
every $1 charged to their Visa card. The trick is to use the credit
card for "flushing" through funds. I pay the account using
the business credit card then transfer the exact same amount from
trading account just before it is due. That way I get credit (at
least one month) and Reward points. I have earned a free trip to
Aussie just by paying our rates account by credit card! - B.J.
- I have
an ink jet printer. The cost of buying a new printer
cartridge is an outrage, about $100. After years of paying
exorbitant prices for new cartridges I found a place that
re-inks them at a cost of only $35. It has already saved
me hundreds of dollars. - F.N.
If you have a computer and use the internet - check out
how many hours a month you have used over the last year.
You may be paying for too many.
This is what happened to us - we were paying for
250 hours with one of the major ISP'S and we now have gone
from 250 hours to 150 and saving us $5.00 a month. -
- Lawyers charge by the minute, so
spend as few minutes with them as possible. Some also have a flat
charge per letter they read and per letter they write.
- Receive legal opinion over the
phone. For filing purposes, record the conversation and have someone
in your company type out the transcript. It will cost a heck of a
lot less than receiving a letter from your lawyer.
- Put a pile of scrap paper next to
the photocopier. Use it instead of the good stuff when taking copies
for internal use.
- Don't pay any! Work from home. I
know of one person that bought a home/office in a street close to
the city centre. They sold their house in the suburbs, and moved
their business from a CBD office. They saved thousands of dollars
each year and repaid their mortage in no time.
I bought a huge number of evelops on Trademe for $10.50
(including postage). The normal retail was $250! That
means $240 added straight onto the bottom line! - P.P.
- Eliminate telephone costs by using Skype. A reader says,
"Skype is free to download from www.skype.com. All you need at your end is a microphone, speakers and broadband internet connection . There are three options re headphones (Dick Smith): $39.98 for a single head piece, $59.98 for full earphones, or $69.98 for full earphones with extra padding.I’d either go for the $39.98 or $69.98 ones, depending on how important it is to be able to hear stuff going on elsewhere in the office while you are on the phone. The sound is better than phone, something akin to FM quality. It’s very easy to use and set up. The cost of the calls is: Skype to Skype: zero, anywhere in the world – sound quality fantastic. Skype to landline: 2.5 cents NZ per minute, anywhere in the world (eg $1.50 approx to call Australia for one hour!). Skype to mobile: same price as using your normal phone so there’s no saving there. You pay for Skype to landline calls by prepaying in Euro over the internet using your credit card. You can see at any time how much you have left in your account."
- Make sure airpoints gained on
business travel are used for business travel. Crediting them for
private use creates an incentive for people to travel, at the
businesses expense, when the good-old telephone or email would do.
- Have someone within the organisation
responsibly for checking travel costs. It is amazing how much
private travel eneds up being charged to the company, or how often
travel companies don't book the most cost effective rates.
A waste not oily ragger has written in with a tip about
air travel. Some friends have parked their car in Auckland
at Park N Fly (www.parknfly.co.nz)
for $5 a day. Air NZ has a free car parking deal for those
flying to Australia (http://erequest.airnz.co.nz/airnzparking/promo.htm).
(Some motels in the airport area offer unlimited free car
parking and airport transfers for those staying a minimum
of one night – that’s a great deal! – oily rag ed.)
- Have an expert come in every year or
two to check that you are not being overcharged. They get paid by
receiving half of the savings they find for you.
- Have one person in the company check
the utility usage and costs. Let this person be in charge of money
saving ideas on power, telephone and other utility costs.