WarrenBoynton Blog

Cut your business costs in 2019

12/11/2018

If you own a business you know how difficult it can be to keep costs low and maximize profits. Here are a few things you can do to help cut costs in your business in 2019.

Use customers to promote your business

Your biggest asset in business is your customer. Ask your customers to review your business on Facebook and Google and reward them for doing so. It only takes a $5 gift card to your local coffee house or a cookie from your neighborhood bakery to incentivize your customers.

Another way to raise awareness of products or services is to collaborate with nearby businesses or those that attract similar customers. For example, you may choose to leave samples of your products or, if you are a florist, place an arrangement at the register of local independent stores in the area accompanied by your business card. You might offer to hang the artwork of a local artist in your store or display the business cards of your vendors at your reception desk.

Keep track of your expenses

If you keep track of your expenses you will be able to manage your cash flow. Our commercial cash management service is available through online banking and allows business owners to conveniently manage their finances. The Warren Boynton State Bank commercial cash management service offers account inquiry,  ACH payments, account transfers, stop payment and the addition of sub-users for just $25 a month. Imagine how much easier it would be to manage your business’ finances from your phone, tablet, or computer on the go.

Do your research

When it comes to suppliers and vendors look at their competitors and whether they could offer you the same services (or better) for less cost. You could also compare pricing and negotiate a lower cost with your current providers. It’s worth considering purchasing larger quantities so you pay less per item, but make sure you buy only what you are going to need.

For both new and existing businesses, it’s important to keep costs low and continue to increase your profit. Constantly evaluating your finances goes a long way in doing so.

If you have any questions about our commercial cash management service please stop in at one of our branches in New Berlin, Springfield, Palmyra, or Modesto and one of our staff will be happy to help.


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