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Ten Ways To Kill Cost And Debt

Oct 8, 2007
There are countless people that start a business only to find themselves getting a little educated, but making little money. By the time they start to get it, then it becomes to late in their minds because they are so deep in debt that fear and doubt has set in and has stolen their drive.

There are also many ways in which people can be very conservative with their financial expenditures in the beginning and make sure that they are willing to tear their business to pieces if it means more productivity. Saving measures only work if you are also creating efficient ways to build revenue and save important time.

1. Go after smaller markets
Some of the best companies have started taking a poor demographic as their target and producing products that will keep them above water long enough to understand how to move beyond the competition. Money is money and a customer is a customer when you are starting out.

2. Filter as much money into research and development
The biggest problem with many businesses is that they don't have a good product that is marketed well to the right audience. You need to find out both and then learn how to put it together.

3. Give employees power to handle small financial issues.
Time is just as important as money and if you spend your time on small money issues then you are wasting your time on the big bucks. Create a manual that will allow employees to handle issues up to a certain dollar value.

4. Don't have meetings
Now there are times when meetings will be important to some extent, but for the most part avoid them because they waste time and often get little done. Most people think of them as breaks and there is often not enough follow up. It is better to use emails, teleconferences, or individual discussions.

5. Cut prices with shippers and suppliers.
This money can kill you and they will often try to raise prices. Don't let them or find someone else. Try often to cut prices and leverage competition's prices.

6. Avoid paper
Paper wastes a lot of money and employees like to make millions of sheets. Try to institute everything electronically.

7. Avoid traveling
Traveling often not only costs a lot of money, but it also usually takes you away from other more productive financial opportunities. Go only if they agree to pay for everything.

8. Validate all costs
Costs are easily thrown out without much thought. Make sure that everything you do will make you more money then you spend.

9. Minimize expenditures
Always try to pay less if you can. The only expection is when the value is better and the long term outcome is proven to be financially very rewarding.

10. Have a great accountant
There are so many tax advantages that you have at your disposal. Make sure you have good accountants that will help you take advantage of all of them.
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