5 Steps to Save Your Business Money in 2010
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Jon Winsett
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Here are five steps that you can take — none of which require cutting jobs — to make 2010 a banner year:
1. Benchmark spending. Failing to benchmark spending can cost companies hundreds of thousands of dollars. For example, a retail company that spends $1 million annually on transportation loses approximately $1,000 daily if it doesn't benchmark spending. Have an exact understanding of your expenditures so all costs are accounted for, reducing the risk of going over budget. Conduct an audit of all expenditures to find out where you’re overpaying and underutilizing. Not sure if you have the resources to do this internally? Consult with an experienced third-party vendor.
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