Cutting the Cord | Telecommunication Options and Their Costs
No matter your industry, communication is key. These days, the communication needs of a business have moved beyond phones and fax machines to include high-speed internet, cellular phones, GPS, and other technology. These tools are a huge asset; but they also come at a cost. Because communication is so important, telecommunication costs often represent a […]
Minimum Wage Increases Seen Across the US
In July of 2016 states all over the U.S. enacted increases in the minimum wage, some as high as $15 per hour. This jump means big changes for business owners who employ hourly workers, and many will find themselves having to take a closer look at budgeting and financing. How can business owners meet these […]
Insurance Policies for Businesses: Knowing Your Best Option
Insurance: it’s an unavoidable part of life and an unavoidable part of owning a business. Whether it’s coverage for your employees or protection for your company, every business pays for insurance in some way. With thousands of options available, making the right choice for your business can be overwhelming. We’ve found that most businesses are […]
Cost Management Industry Focus: Not-for-Profit
Making ends meet. Stretching resources as far as they will go. Doing as much as you can for as little as possible. Does this sound familiar to you? Then you just might manage the budget of a not-for-profit organization. Not-for profit organizations deal with many of the same things that commercial businesses do – meeting […]
How to Improve Your Debt Service Coverage Ratio (DSCR)
If you’re considering expanding your business, purchasing new equipment, or adding a new location, you might seek out a commercial loan. Many business owners think that as long as their business is profitable, getting a business loan will be easy. However, lenders are not just looking at your profit. Lenders are using your debt service […]
Telecom Expense Reduction Leads to Cost Improvement
Your business is making a profit – but are there more profits to be found? That is the question one warehousing and logistics business had. With 13 locations coast-to-coast and over 2 million square feet of warehouse space, this business was trying to realize as much profit as possible in a low-margin industry. They decided […]
Leasing or Purchasing Equipment: Which is Best for Your Business?
Almost all businesses have equipment needs. They may be as basic as a copy machine, or may be much more complex, like heavy construction equipment. No matter what your equipment needs are, you will most likely be faced with a tough decision: purchase or lease? They are many who will say that one option is […]
The Importance of a Strategic Cost Cutting Plan
“Cutting costs” for your business might seem like a simple thing, but it isn’t always as easy as it sounds. It’s more than just spending less; it involves creating a measurable plan of how suggested changes will affect your bottom line. Going into cost cutting without a strategy doesn’t make good financial sense. That’s why […]
Cutting Costs Through Green Energy
(Last updated: 2018) One of the areas we focus on when assessing a business’s expenses is energy spending. Energy is a costly area, but one that is absolutely necessary for your day-to-day operations. Any measure you can take to decrease energy spending is worth considering. For many businesses, cost isn’t the only concern when it […]
Case Study: Cost Reduction for a Physician Practice
Imagine, if you will, a medical practice with: · 130 physicians · 650 employees · 65 practice locations Each with its own processes for purchasing and spending. Is it possible to cut costs across the board, and get the various locations operating affordably and efficiently? We did just that for one mid-size physician owned practice […]