Business administration
 
Question:
Avatar

How can a business save money?

By AB-Answerbot2 Asked Jun 11 2007 7:23PM
11
Pts
 
 
Rate Question
Answer Question Help someone!
Get the latest questions in Business administration
flag

Welcome to Answerbag, a community of people sharing what they know.
Sign up now to ask a question or help someone else by giving an answer!

signup now
Sort answers by: Rating | DateArrow Down
 

Answer 1 out of 6

by Kevisaurus is a Carnotaurus today on Jun 10, 2008 at 12:18 am Permalink

Avatar
Cut benefits, health care, frills, retirement packages & all other good things --- lose all of its employees and eventually go bankrupt for being skinflints.
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 2 out of 6

by erikko on Jun 10, 2008 at 12:16 am Permalink

Avatar
it can saves your money if you know your business, money in business is like a cycle, there's a gain and there's lost
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 3 out of 6

by Roger Kovaciny on Jun 12, 2007 at 8:11 am Permalink

Avatar
That's the 64,000-euro question, because it is only by saving money that a business can make enough of a profit to succeed. The prices you get are set by the market--you can't jack them up just because your costs go up. And the costs you pay are also set by the market--you can't force them down just because you're losing money. And you'll find that there are always people willing to sell the same item for what you are selling it for, maybe even a little less. The only thing you can do to make a profit and not lose your investment is figure out ways to save money, and your whole career in business you'll be scrambling for ways and ideas to do just that--reading trade journals and books, going to conventions, hiring consultants, investing in technology, making sure your employees are honest....
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 4 out of 6

by Mr. Josh on Jun 12, 2007 at 3:28 am Permalink

Avatar
You can't. The only business that saves money is working in a bank. Businesses can make money though.
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 5 out of 6

by MrBLT needs to be contained on Jun 12, 2007 at 3:27 am Permalink

Avatar
Anytime I feel Im not saving enough, I keep a budget of every dollar I spend. I break it down into categories such as: Food, Bills, Entertainment and Misc. That always gets me back on track and finds the leaks where I'm spending too much. I would think it works for a business as well - good luck
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)

Answer 6 out of 6

by AB-Answerbot2 on Jun 11, 2007 at 7:23 pm Permalink

Avatar
Whether a business is large or small, traditional or contemporary internet based, every entrepreneur must remember that he is running a business to earn money. Only by minimizing the costs in a business and using the available resources in the most efficient way, a business can save money and earn maximum profits. Look at the points below to know how a business can save money.

• Focus on need-based expenses: Avoid spending on amenities and luxury goods that your business does not require urgently. For instance, attractive furniture and fixtures, machinery upgrade, appliances etc. Limit your expenses only to the routine functioning of your business such as rent, electricity and phone bills and other such pertinent costs that are unavoidable. Do you really need a large leased area or you can operate your business in a smaller area? Considering these small factors will save a lot of your initial investment that can be used later when your business grows.

• Negotiate before buying: Negotiate well before buying anything for your business. By accepting the purchase price in the first instance, you may end up paying more than required. Always bargain. You can start off by making it a practice to accept quotes from more than one vendor for any purchase. Compare rates; ask for discounts and other such money-saving schemes that the sellers can offer. Inquire if early or instant cash payments can avail you cash and trade discounts. Furthermore, this step can help you build a strong credit score that will be beneficial at the time of business expansion.

• Consider alternatives: Think about starting your business with second hand or used equipments or machinery. However, ensure that they are in good condition, not outdated and do not consume excessive power. Some older models are notorious for high power consumption whereby increasing your overheads. Shop around and get the best possible deal. Consider visiting auction houses, especially government auction houses to buy the equipments at amazingly low prices. Check out the service facilities, quality, warranties and guarantees on the products before deciding to purchase any product.

• Supervising your office expenses: Keep a track on the office expenses like stationery, electricity, traveling expenses, and other miscellaneous expenses. These small expenses often go unnoticed and make significant impact in the profit and loss statements.
0
Pts
 
 
Rate Answer
 
flag
Comments (be the first to comment)


Add an Answer

How can a business save money?

How to write a good answer
Your answer:

Display answer in fixed-width font (good for tables or text diagrams)

Answers must adhere to our Terms of Use

To create links, just type the address with no HTML code. Use the Preview button at the bottom to verify.

You can edit your answer at any time.

Add Video Add Iimage


Important: Answerbag cannot guarantee the accuracy of answers submitted by members, and we recommend that you use common sense when following any advice found here. Read full disclaimer.