Cash, Cash, Cash is king right now!
Here are a couple of ideas for you to preserve more of yours.
Transfer a Credit Card balance to a 0% card. Chase Slate has a 0% transfer fee for any balances transferred within 60 days of opening an account. And 0% APR for the first 15 months.
Change your credit card processor. Tom Cooley will run a full analysis for you to let you know if he can save you money. There’s more to your credit card spend than just the gross rate. He runs a concierge card processing company called GoCardConnect.com. And beyond just saving money, he can help you with an online payment portal, setting up secure recurring payments, and all without you having to deal with the security issues and liability of holding on to card numbers. The last analysis Tom shared with me, he saved an owner nearly $500/month and over $5,000 per year.
Look at your P&L. Create your profit and loss report in Quickbooks for each of the last 2 months. Click on any line items that you don’t immediately recognize and look at where you are spending your money. Is there anything to cut? Are there any payments going out to vendors who you have not updated in a while? For example, do you need fewer seats or licenses for any software, IT, or EMR? And are there any expenses, like laundry, or water delivery that you could slash, place on hold, or stop?
Put student loans on hold. There have been federal mandates to suspend student loan payments for up to 6 months, depending on who owns them. Check with your lender to see what options you have to defer payments without accruing interest.
This is just a starting point. But one that could save you $1,000 or more per month. And every dollar counts, especially right now!
Share this article with your business owner friends. Share the first and last items with your staff. And share your ideas and successes here or on social media and tag me.