Ezypay Presents 5 Easy Cost Saving Ideas You Can Use Immediately
There is a significant difference in practicing cost saving versus cutting back on expenditure (which we’ve already talked about as a #cashflow tip on Day 4). Today’s exciting post will focus solely on completely eliminating unnecessary purchases because being thrifty is good, even for gyms and fitness clubs.
Practice Cost Saving, Even if You’re Doing Well
The global economy is unpredictable and running a business in a fast changing industry like fitness clubs and gyms means that all business owners simply cannot afford to be complacent. Instead, cost savings for your business should be emphasized and can be done in various ways, from increasing profits to saving money and/or simply improving efficiency.
#1: Go Paperless
Spend less time and resources on paperwork by physically eliminating the paperwork. This also saves you storage space and the resources required to compile all the sheets of paper every day.
#2: Collect Cash in Advance
Ezypay does not condone the addiction to lump sum revenue but we do see the merit in collecting a percentage of payment up front. This could be in the form of membership sign up fees which will significantly help your company reduce risk, improve your cash flow instantly and boost retention rates as well.
#3: Ask for Less
All suppliers are willing to offer discounts if it means closing a sale at a certain price or margin. For every purchase that you make, be sure to ask if discount options are available so you can find out what you can do to earn these perks.
#4: Bundle Everything
This tip is most applicable to new gyms or fitness clubs as you would be spending a bulk of your time negotiating and purchasing equipment for your business. Bundle as many hardware and/or services as you can together to save hundreds of dollars every year, e.g. getting your phone service provider to also include cable, internet and fax services.
#5: Offer Electronic Invoicing
Why spend money on paper invoices when there’s Internet everywhere? Software like iconnect360 makes it easy for you to track and bill your customers according to your preferred billing dates online. The beauty of it all is that it’s done electronically, so no excess paper was spent and your customers will still receive invoices on a regular basis.
For more cost saving ideas, please read this article featured on the Minority Business Development Agency site.