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10 Effective Ways To Reduce Your Business Costs

1. Barter
If you have a business you should be bartering goods
and services with other businesses. You should try to
trade for something before you buy it. Barter deals
usually require little or no money.

2. Network
Try networking your business with other businesses.
You could trade leads or mailing lists. This will cut
down on your marketing and advertising costs. You
may also try bartering goods and services with them.

3. Wholesale/Bulk
You’ll save money buying your business supplies in
bulk quantities. You could get a membership at a
wholesale warehouse or buy them through a mail
order wholesaler. Buy the supplies you are always
running out of.

4. Free Stuff
You should try visiting the thousands of freebie sites
on the internet before buying your business supplies.
You can find free software, graphics, backgrounds,
online business services etc.

5. Borrow/Rent
Have you ever purchased business equipment you
only needed for a small period of time? You could
have just borrowed the equipment from someone
else or rented the equipment from a “rent-all” store.

6. Online/Offline Auctions
You can find lower prices on business supplies and
equipment at online and offline auctions. I’m not
saying all the time, but before you go pay retail for
these items try bidding on them first.

7. Plan Ahead
Make a list of business supplies or equipment you’ll
need in the future. Keep an eye out for stores that
have big sales. Purchase the supplies when they go
on sale before you need them.

8. Used Stuff
If your business equipment and supplies don’t need
to be new, buy them used. You can find used items
at yard and garage sales, used stores, used stuff
for sale message boards and newsgroups etc.

9. Negotiate
You should always try negotiate a lower price for
any business equipment or supplies. It doesn’t hurt
to try. Pretend you are talking to a salesman at a car
lot.

10. Search
You can always be searching for new suppliers for
your business supplies and equipment. Look for
suppliers with lower prices and better quality. Don’t
just be satisfied with a few.
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If you have sat through a few bad meetings, you must have experienced the following traps. Here they are and how to fix them.

1) People think they are experts.

Many people tell me that they know how to hold a meeting. Actually, all they do is host a party. They invite guests, provide treats, and preside over a conversation. People talk. People eat. And nothing happens. Or, if they somehow manage to reach an agreement, no one implements it.

> What to do: Learn how to lead a real meeting. Schedule a workshop or buy a book. When results really matter, hire a facilitator. Recognize that there are modern tools that help people make methodical progress toward results. These tools are practical and easy to use. Of course, you have to know what they are in order to use them. Call me (714-528-1300) for details.

2) People think they are inspiring.

Many people believe that long-winded announcements impress others. Actually, it’s the opposite. A long lecture quickly becomes a boring (and sometimes offensive) harangue. Why? Most employees want an active role in contributing to the business, and thus listening to a speech feels like a waste of time.

> What to do: Design meetings that give the attendees opportunities to contribute. Plan questions that direct thinking toward the results that you want. Use activities that help people make decisions. Distribute announcements in letters, memos, or E-mails. Or, if you must use a meeting, keep announcements brief (less than a few minutes).

3) People think others agree with them.

Many people rely on nods, smiles, and eye contact to measure acceptance. Actually, most employees will do anything to appease a boss. And if the boss seems to be upset, the employees will become even more agreeable. Then, once the meeting ends, the employees will do one of three things: 1) forget the lecture, 2) ignore the message, or 3) sabotage the idea.

> What to do: Conduct meetings by a process that everyone considers to be fair. Use consensus to reach agreements and make decisions. People will accept decisions that they helped make.

4) People think others are clairvoyant.

Many people call meetings without an agenda expecting that everyone will arrive sharing their vision for what needs to be done. Actually, everyone brings their private hopes, fears, and vision to the meeting. Without a clear agenda, the result is something between chitchat and chaos, depending upon the complexity of the issue.

Note: A vague agenda, such as a list of topics, is almost as useless as no agenda.

> What to do: Write out your goal for the meeting. Then prepare an agenda that is so complete someone else could use it to run the meeting without you. Specify each step and provide a time budget. Send the agenda at least a day before the meeting so that the attendees can use it to prepare. Call key participants before the meeting to check if they have questions or want to talk about the agenda.

5) People think meetings are necessary.

Many people respond to every emergency, surprise, or twitch by calling a meeting. Actually, a meeting is a special (and expensive) process. It should be used only to obtain results that require the efforts of a group of people working as a team. A meeting is NOT a universal cure for everything. Meetings held for the wrong reasons, waste everyone’s time.

> What to do: Challenge every meeting for its ability to earn a profit for your business. That is, make sure the value of the results is greater than the cost of holding a meeting. If any other activity can accomplish the same result, use that other activity.

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If you WOW a customer at the Moment of Truth , the average customer will walk away and tell 5 people about the experience.

If you fail to meet the customer’s expectations at the Moment of Truth , customers are very likely to tell 11 people about the problem they had with your company.

If you drop the ball with customers at the Moment of Truth , but rebound with a quick customer recovery, research shows that the customer will tell up to 17 people about your service recovery.

Did you get that? Customers will tell 5 people if you WOW them, BUT if there’s a problem and you quickly fix it, they will tell more than 3 times as many people as they would if no problem had occurred at all.

One of the fastest and easiest ways to grow your bottom line is to equip your front line employees with skills to respond to complaints and problems in such a way that they completely regain goodwill and restore the customer’s confidence.

Read on to find out exactly how to do this.

1. Resolve problems as quickly as possible. The faster the resolution, the better the chances for maintaining loyalty. TARP, Inc. found that ninety-five percent of complaining customers would remain loyal if their complaint was resolved on the first contact. That number dropped to seventy percent when the complaint was not immediately resolved. In fact, the speed of resolution has a greater impact on future loyalty than the resolution itself. Strive to resolve complaints on the first contact and when that isn’t possible, final resolution should occur within 5 – 10 business days in order to maintain and build loyalty.