by guestcontributor on January 12, 2012
Business owners of all variety are looking to trim expenses and save as much money as possible in order to survive the recession. While much of the focus during this cost cutting process is placed on concepts like decreasing inventory expenditures and streamlining production methods, the role of overhead costs is often overlooked. The savvy business owner, however, fully recognizes that keeping overhead costs in check is a fundamental component of proper management. The following list features five effective ways to help you reduce overhead expenses for your business.
1.) Join the Tech Revolution – For many business owners who came of age in the pre-digital age, traditional methods and customs have become ingrained in their management style. From storing your company’s record and documents in ponderous filing cabinets, to communicating with the world via landline telephone, many of long held tenets of good business have simply become outdated. Clinging to these bygone practices not only puts you a step behind the competition, it costs you tremendous amounts of money as time passes. Bring your company up to date by ditching the landline in favor of a business-based smart phone plan. You will soon find that communicating with clients, partners or employees is made much more convenient and your phone bills will likely be significantly reduced.
2.) Go Paperless – Adding some tech savvy to your business will quickly lead you to a well-known fact: the traditional paper-based office model is defunct and can easily be surpassed. By transferring your company’s filing system to a digital format, especially with today’s innovative cloud computing networks, you can quickly double or triple the efficiency of your office’s daily output.
3.) Advertise Effectively –Newspaper advertisements and fliers used to be the best way to promote your business, and many managers still subscribe to this philosophy. If you are paying a monthly bill to run an ad that is viewed by a shrinking audience, the time has come to reevaluate this strategy. The social media outlets afforded by the internet, including Facebook and Twitter, are free of charge and yet have the power to expand your brand to a worldwide audience. At the dawn of 2012, the store signage of today has been transformed to digital form, and you will be well served by staking your claim in the expanding online marketplace.
4.) Hire the Best and Brightest – Advances in access to education have created a generational workforce far more adaptable than their predecessors. Take advantage of this trend and hire well rounded, diversely talented individuals who can perform multiple tasks for your company. Doing so will allow you to cut the fat from your payroll by effectively paying one person who is capable of doing the work of two.
5.) Account for Accounting – While personal tax preparation services are convenient for individuals, the complex nature of business taxes requires professional attention. By identifying all available deductions and helping you to avoid costly penalties, a certified public accountant will quickly become a sound investment going forward.
by guestcontributor on January 7, 2012
Many people these days are looking to make their own work, cut their commute, or bring in a secondary income by working from home. And there are tons of potential benefits to be garnered from professions that fit the bill, including flexible hours (you work as much as you want, when you want), operating autonomy (no boss looking over your shoulder), and fewer expenses for the privilege of working (no more spending half of your paycheck on gas for the commute!). And when it comes to starting your own home-based travel business, you could get started for little or no cost (although you could also spend several thousand dollars in the process, depending on your goals and how you plan to reach them). But here are just a few things you’ll need to consider in order to get the ball rolling.
First, you need to decide what type of operation you’re interested in running. If you have some experience in the industry, you may be able to contract on a freelance basis with a local (or even a national or international) travel agency as a remote sales rep. By this method, you will generally not receive a salary. Instead you’ll be paid on commission (at a set rate) for any clients you bring in and travel you book. In exchange, you’ll receive limited support services from the host company, mainly in the form of an IATA number to deal with the company’s suppliers so that you can offer competitive prices to your clients (although good host agencies will also provide “back office” support).
However, considering you’re going to have to hustle for clients either way, you may want to simply start your own independent travel agency so that you can earn all the profits. Of course, you will also be on the hook for any expenses related to your operation, such as becoming licensed and bonded, keeping up with technology and marketing, and paying any fees associated with booking travel and partnering with vendors. And you will also be responsible for the entire operation, which includes not only registering a booking but also handling all the paperwork, follow-ups, and so on.
If you choose the latter, the onus is on you to dot your i’s and cross your t’s, and the first order of business is to study and pass an exam to become a certified travel agent. You must be licensed and bonded if you want to deal in the overseas travel trade (and you probably do). Once you’ve gotten the legalities out of the way, it’s basically a matter of getting your business in order so that consumers can find you. You’ll want to start with a website and then find ways to start bringing in business. Online advertising is one option, and you can use ad sharing sites to do it for free, but you should also join forums, start a blog, and enter the social media landscape in order to get your name out there and start enticing clients.
You may also want to shoot for a niche to target specific types of business. While there’s nothing wrong with booking travel for the average consumer, you might make more money (including some passive income) and secure regular business by dealing in listings for time share resorts or clubs (like the Ritz Carlton Club, for example). In this way you can cater to high-end clients that travel more frequently than your average Joe. However, it’s just one of many possible routes you could choose in order to set yourself apart from the competition.
Business owners of all variety are looking to trim expenses and save as much money as possible in order to survive the recession. While much of the focus during this cost cutting process is placed on concepts like decreasing inventory expenditures and streamlining production methods, the role of overhead costs is often overlooked. The savvy business owner, however, fully recognizes that keeping overhead costs in check is a fundamental component of proper management. The following list features five effective ways to help you reduce overhead expenses for your business.