“Here are ten ways to avoid spending money unnecessarily.
1. Develop a budget for each department.
2. Develop a list of what employees are allowed to purchase.
3. Know how much cash you have in the bank every day.
4. Read and approve each expense.
5. Stay on top of and try to collect as quickly as possible your accounts receivable.
6. Extend your accounts payable.
7. Barter for services and products.
8. Only buy things you absolutely need.
9. Ask every vendor for advice on how to save money on products you purchase from them.
10. Put out a bounty on internal savings by rewarding employees with 10 percent of whatever money they can save the company.”
– This is one of my favorite topics and will allow your business to either sink or swim. -ed.