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With the global economy getting worse by the day, even those businesses that felt confident going into the downturn are getting ready to batten down the hatches as a nuclear winter sets in.

If you run a business, here are 5 areas where you'll likely be able to discover some cost savings.

  • Advertising. While I'm not one to necessarily advocate cutting an advertising budget for no reason other than it's easy, I have seen that when times are good, businesses worry a lot less about waste in their advertising budgets than they should. Some don't even monitor ROI closely and some make little effort to optimize campaigns.

    There is a lot of scope to track ROI and optimize campaigns to ensure that budgets are getting the most bang for the buck, and now is the perfect time to take advantage of it.

  • Hosting. I'd estimate that over half of my clients have hosting packages that can only be described as "overkill". Some have a dedicated server when they would be fine with a VPS and others have basic hosting accounts that they're overpaying for because they never bothered to look for a better price.

    Whether your hosting costs are significant or minimal, every dollar wasted hurts a business in times like this, and taking a closer look at your hosting situation can't hurt.

  • Equipment and supplies. Every business needs equipment and supplies, no matter how much "conservation" is implemented. Yet many don't shop around for the best deal, despite the fact that the wonderful world of ecommerce and shopping comparison services make it easy to find great bargains.

    Additionally, the wide array of refurbished equipment that is widely available (from computers to printers), often with the same warranties as new equipment, offers a great opportunity for added savings.

  • Software. How much of the software that you pay for offers functionality that you can get for free? You might be surprised to learn the answer - a lot of it.

    I just bought a new computer and was planning to purchase a copy of the WS_FTP Pro FTP client, which I use on my other machines. But I decided to try Filezilla, an open-source FTP client, and was pleased to find that it does the job just as well, saving me more than $50.

  • Operations. A tough economy is a great promoter of efficiency. What parts of your business aren't operating like a well-oiled machine? You have reason to find out because operating inefficiencies are often a source of great waste.

    From customer service to business development, there are plenty of places where you are likely to find room for improvement - and savings.

    Case in point: I hate bookkeeping and had always paid to have someone else do it. Yet a couple of years ago I started using QuickBooks. Ever since then, I have been doing my own bookkeeping with minimal pain. As an added bonus, I've saved money on accounting costs because my accountant has far fewer "messes" to clean up at the end of the year.

Bottom line: waste is all around us and using the economic crisis as a reason to take out the trash can be good for business.

You just have to be willing to look and do a little housecleaning.

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Published 8 October, 2008 by Patrick Oak

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Richard Longhurst

By all means save money, but all means don't waste money, but it's important to beware of false efficiencies.

At what rate do you charge out or value your time?

And how much would you pay a book-keeper (who doesn't make mistakes)?

If the latter is greater than the former you've done the right thing by doing the QuickBooks yourself.

But if it is the case, then maybe it's also time to ditch the econsultancy and become a book-keeper full time!

almost 8 years ago

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Top Savings Plan

Hiiiiiiiii

By all means save money, but all means don't waste money, but it's important to beware of false efficiencies

joseph

<a href="http://topsavingsplan.com" rel="dofollow">Top Savings Plan</a>

over 6 years ago

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havenja07

I came across a private company in Harrisburg, Pennsylvania called Phase 2 Solutions, LLC. Some of the services they offered flabbergasted me, in comparison with others. I thought I would like to share this company with other marketers because I had never heard of it before and was wondering what other people may think before I submit my article.

==================================

<a href="

over 6 years ago

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Expert Savings Advice

The role of the regulatory bodies in the UK Financial dealings is very important. We cannot neglect their role in UK Finance. There are many regulatory bodies for UK Finance and Auditing. Some of them are mentioned here.

A non-governmental independent organization called the Financial Services Authority (FSA) is available in the UK. This UK Finance company is funded by the financial services industry. The policies, plans, and rules of the UK Finance company are transparent and open. It is funded by the companies that it regulates. The website of this organization has information for consumers on their rights and regulation. It also gives information on the financial products available. The financial services industry in the UK is regulated by FSA. They have enforcement powers and investigative powers. They have the power to regulate deposit taking, Insurance investments, and Mortgage lending and general insurance advice.

Financial Ombudsman Service is another organization the helps the customers to solve any UK Finance disputes with the financial firms in UK. Complaints about Banking services, credits cards, endowment policies, health and private medical insurance, mortgages, motor insurance, and National Savings & Investments can be done with the assistance of Financial Ombudsman Service.

Expert Savings Advice

over 6 years ago

Avatar-blank-50x50

Expert Savings Advice

The role of the regulatory bodies in the UK Financial dealings is very important. We cannot neglect their role in UK Finance. There are many regulatory bodies for UK Finance and Auditing. Some of them are mentioned here.

A non-governmental independent organization called the Financial Services Authority (FSA) is available in the UK. This UK Finance company is funded by the financial services industry. The policies, plans, and rules of the UK Finance company are transparent and open. It is funded by the companies that it regulates. The website of this organization has information for consumers on their rights and regulation. It also gives information on the financial products available. The financial services industry in the UK is regulated by FSA. They have enforcement powers and investigative powers. They have the power to regulate deposit taking, Insurance investments, and Mortgage lending and general insurance advice.

Financial Ombudsman Service is another organization the helps the customers to solve any UK Finance disputes with the financial firms in UK. Complaints about Banking services, credits cards, endowment policies, health and private medical insurance, mortgages, motor insurance, and National Savings & Investments can be done with the assistance of Financial Ombudsman Service.

Expert Savings Advice

over 6 years ago

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steve

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone. ****** Steve

over 6 years ago

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