How to Save Potentially Thousands of Business Dollars Each Month – Telecom Expense Management

In today’s economy, it is essential to wring every penny of profit available into your company’s bottom line. Efficiency is the key. Unfortunately, sometimes that means reducing your workforce, but there are other ways to stay profitable without needing to become Mr. Scrooge and laying off people.

Tell Me How

As I said above, efficiency can be the key. One of the top 3 expenditures of most companies nowadays is their telecom usage. Your business might be different, but telecom is still a large part of your expenses. The technology we have today has allowed us conduct business better than ever before, but paying for that technology shouldn’t negate the positive effects, should it?

No

If you have more than a handful of wireless devices in your company, you know that each month the mailman drops a stack of telecom provider bills on your desk, most of which simply get paid without any scrutiny. It’s just easier to send a check to them than to attempt to decipher the bill. Don’t let the fact that 10-15% of all invoices contain errors, most of which are in favor of the vendor bother you.

Another problem is wireless devices. Who controls the acquisition? Do you just trust your employee to sashay into the local cell phone dealer and get the right equipment? Tell me you don’t! If so, have you ever thought about how many lost or damaged devices you are still paying for because the employee didn’t bother to tell anyone? Don’t. It could cause you to have nightmares.

Vendors (bless their hearts) are out to make a buck like any business. If they can sell the most expensive service contract along with a device that has more whistles and bells than a NASA space shuttle, they will do it. Unfortunately, you are paying for the whistles and bells, but you aren’t realizing any benefit from them. If you could ensure that certain categories of employees could acquire only approved devices and contracts, you could save a bundle.

One other facet of telecom usage that can result in chaos is asset management. If you have no idea what equipment you have, or who has it, you might as well give up and just pay the monthly bills and hope they aren’t too far out of whack. It is critical to have an accurate and constantly updated inventory.

The Answer

One word. “Telecom Expense Management.” OK, that’s three words, but it is one important phrase. Telecom Expense Management (TEM) professionals have the skill, training and tools to comb though your telecom systems to find and eliminate waste. Some companies, such as H&R Block, save hundreds of thousands of dollars a year using the services of a TEM team. Obviously it isn’t a free service. TEM companies make it worth your while, though. Often they will charge a percentage of the savings they discover, so their incentive to make you telecom usage as lean and mean as possible is great. That way, everyone wins. Your company’s bottom line looks better, and the Telecom Expense Management company comes out smelling like a rose, too.

Contact a reputable TEM organization to find out more details about what they can do for your company.

A Partially Empty Sales Floor Costs You Dollar Store Sales

It is a real challenge to keep the sales floor of a busy dollar store business fully stocked and organized. After all the huge number of dollar store sales combined with the need to continually restock and straighten merchandise is a challenging combination indeed. Yet those who know how to start a dollar store recognize the importance of doing just that cannot be understated. The biggest consequence of failing to do so is lost sales. As you are about to discover those lost sales come from many different sources. Read on as I present a partially empty sales floor costs you dollar store sales.

Empty space on the sales floor means lost dollar store sales

Those who know how to start a dollar store recognize the most obvious of reasons for lost sales; it is the loss of sales in that specific, empty space. Never allow space to sit empty on your sales floor. Always immediately fill in with newly arriving replenishment merchandise, back stock items, or by spreading merchandise that is already on display.

Empty space on the sales floor motivates shoppers to jump ahead

As shoppers are slowly moving down an aisle examining everything available in your store, they will quickly skip ahead when they find empty display space. Not only do they frequently skip the blank space, but also sales area before and after that blank space. The result is lost sales! Keep your aisles properly filled to maximize sales per square foot of display space.

Empty space on the sales floor causes shoppers to ignore entire aisles

If shoppers see large areas that sit empty, or possibly multiple areas in an aisle without any merchandise at all they will often skip that aisle completely. When this happens you are losing not only the sales from the empty space, but also sales from all other products displayed in that aisle.

Empty space on the sales floor can lead to questions about you closing

If too much empty space is allowed to appear in your store the logical question from shoppers, employees and vendors will be about how long you are planning to remain in business. The consequences can be devastating to a business. Lost customers, tightening vendor terms, and employee unrest are all on the list.

Empty space on the sales floor can motivate shoppers to turn and leave

Those who know how to start a dollar store recognize there is a fine line regarding the amount of empty space shoppers will accept. When that line is crossed your shoppers will not hesitate even a moment before they turn around and leave. They will then go to a competitor’s store where they will stay if the right merchandise in the right quantities is available to them.

To your success as you discover how to start a dollar store!

Small Business Line of Credit

A business line of credit is one of the most popular forms of business loans. For the business owner or operator, particularly for small businesses, a business line of credit can be a lifeline of financing that can allow them to pay their bills, meet their payroll and continue to operate even when times are tough or business is slower than usual. For banks and lending institutions it allows them to hold the business on a short credit lease while they determine their viability in the marketplace.

The good news about a business line of credit is that it usually easy to get, even for businesses that have not been in business for a long time. The bad news is that financial institutions like a bank or credit union often will want personal guarantees or co-signing arrangements before they hand over access to a business line of credit.

A bank or other lending institution usually requires a business to have been in operation for a minimum of two years before granting a business line of credit. That is because the likelihood of a business failing within the first two years is far greater than at any period in its term of operation. Once a business passes this threshold a bank is much more likely to consider a business as a candidate for loans or lines of credit.

A business line of credit can be used for short term cash flow management, to make special or seasonal purchases, to re-stock inventory or supplies or for just about any other reason that can satisfy the banks demand for its usefulness to the business. A business line of credit is not normally made available to pay for salaries or bonuses to the employees of a business or to repay creditors from other banking arrangements.

These funds can be made available to the business in a number of manners under a business line of credit. They are sometimes available in a revolving cash account that can be borrowed against up to a certain amount or even in the form of a credit card that can be used by the company to make purchases for the business as required. Some business lines of credit require minimum payments plus interest every month and others have interest payment only options.

To see if you qualify for a business line of credit it is best to approach a bank or credit union where you already do your business banking. They know you, not just from seeing your face as you make deposits or withdrawals but they also know your personal credit history and this becomes an important factor in granting a business line of credit. Banks are most comfortable lending money to customers that they already know than the off the street business. This will help you not only get the business line of credit that your business may need but also help you get the best possible interest rate for your hard earned business dollar.