Tips to Reduce Your Operating Expenses

Any growing business will need to hire more personnel to scale. The customer should be top priority, and you can’t provide a level of quality service without the personnel to back it up. You might be able to cut hours, but cutting people won’t help you grow. Here are other methods you can take to try and reduce operating expenses, freeing up cash to spend on making your business successful.

Make Vendors Bid

Everyone in your sales team should know how to talk to vendors and negotiate discounts. You should do frequent price comparisons to make sure that you’re paying the lowest possible prices for the best possible services. You’ll often find a price break from at least one or two vendors willing to compete for your business.

Maintain Good Status

When you are designated as a high risk merchant account, you pay considerably more in fees to process the same transactions. Cutting down on charge backs is a good way to maintain that good status.

Early Pay Discounts

A great way to save on services you’ll use all year, but pay for monthly, is to try and ask for a discount if you pay for the year upfront. If you need equipment for your store, don’t lease it! Buy credit card terminals and cash registers so you’re not paying monthly for the privilege of doing business.

Explore Merchant Account Providers

Are you sure you’re not paying too much in fees, or that your merchant account rate is current with the market rate? Now is the time to shop around various payment gateway services. You can also send out letters to your merchant account provider if you feel you’ve received too many fees. This opens the door for negotiation, and your loyalty could save you real cash.

Bio: For more than 6 years running, Charge.com has been voted the most affordable and efficient method of moving money around online.