A Dollar Saved is a Dollar Earned!

“A penny saved is a penny earned?” With today’s inflation and recession and depression or whatever else that ends in an “ion” that we’re in together, we all have to pinch greenbacks, not coins! Who is finding ways to save? If your customers are not spending more, better start saving more. Here’s some penny-wise tips from The Giggle Guide™. Help your fellow retailer, and share the wealth of ideas you have tried that make you a “wiser miser”!

Make a List. Check the Budget Twice

Inventory everything, including all outlows. Save where you can, but do not skimp on customer service or the quality of your brand image. You have to look strong to stay strong during the down times.

Ask for Discounts

Look at all your utility bills, Internet service, delivery costs, credit card processing charges, travel expenses, insurance policies. Make a personal call and politely ask if you can receive any discounts. You may discover a better service plan to meet your needs. Sometimes, we just don’t take the time to save.

Pay When You Say

Hard times have made some retailers hard-nosed about paying their bills. This is the year to build stronger relationships, not strong-arm vendors. Many manufacturers and reps are dealing with horror stories of bad credit and delinquent promises. Some retailers ignore, while manufacturers implore. If you enjoy a long-term relationship with a manufacturer, and have a worthy credit record over time, with mutual respect there may be some room for a little negotiation. But retailers that ignore their obligations are not saving face, or money in the long run. Reputation matters. Now is the time when you can work together. Don’t expect the manufacturer to bear all the burden. Honor commitments. If anything changes, let the rep and manufacturer know right away. Work together and take pride in the solutions. Good business is built on long-term relationships, not long-term payments!

Shop Around

Buy in bulk. Check buying services online. Buy used. Discover bargains. Craig’s List and eBay may have just what you need. It’s a time to focus on “needs,” not “wants,” even if the “wants” are on sale!

Save Tax Deductions

Make sure you are not missing any itemized deductions. Improve your record keeping and you will save time and money in tax season.

Watch Your Credit Score

Credit scores are as valuable as your good reputation. Although credit scores have been dipping, it remains an indicator of credit worthiness. Make sure your credit score stays credit worthy in order to save on interest and better payment terms.

Ask for Help. Reward Ideas

Ask your staff for money-saving tips. Reward them for good advice. Keep them motivated to help you save! But don’t have them cut out a wealth of smiles and customer “thank yous” Good customer service can payoff in better business.

Work the 3 R’s

Renew. Reuse. Recycle. Save energy with efficient lighting fixtures and packaging. Think about your gift-wrapping service. Why not add eco-friendly and fun options? Have your kid customers paint and color wrapping paper. Use comic newsprint. Collages. Let your customers know you care. Even craft paper with stamps can save! Be creative! Look for ways to conserve in your store. Change light fixtures to energy-efficient alternatives. Offer or sell reusable shopping bags) to your customers. Use recycling containers.

Share a Wealth of Information. Add Your Comment

How are you working harder and smarter to save retail expenses? Share with The Giggle Guide™ community. Include your comments here. Sharing is information is another way you can learn new ways to spend wisely!