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, thenyou can
negotiate discounts which will be a win-win since the vendor would
appreciate your regular business. Another way to save is to become a
member of a retailer’s rewards club for office supplies. Staples and Barnes and Noble are two retailers that come to mind, but there are plenty others.