Lately, the world financial news has been grim, and the “R” word, recession, has been whispered or mumbled about. There is no need to panic, but it the right time to be proactive. The U.S. Congress is reviewing a economic stimulus package that may provide tax payers a rebate of $300-$1200, depending on one’s tax bracket and claimed dependents. The stimulus package is not immediate, so work now to reduce expenses. Even if business slows down, you can still meet profit goals and/or minimum loss but watching your expenses. If you are using Quickbooks, you can run “QuickReports” on each of the expense accounts listed in your Chart of Accounts. Review these reports to see if they are out of sync with what the business can afford or over budget.
In addition, if you have preferred vendors, then maybe you can negotiate discounts which will be a win-win since your vendor would appreciate your regular business. Another way to save is to become a member of a retailer’s rewards club. Staples and Barnes and Noble are two retailers that come to mind, but there are plenty others.