Profit Improvement Ideas

Day 9 - Save on travel expenses

2007-11-26T14:09:00.001-08:00

Often, you have to travel to make a sales presentation, technical presentation etc. You can make a video and email it to many more receipients than travelling to each. This not only saves time,but improves effectiveness and reach."Camtasia"is a great software tool for video capture. I understand that Version 3 is now available free. Search for Camtasia and you can get to the website where all download details are available.

Day 8 - Interest savings on Bank account

2007-11-26T05:48:00.001-08:00

Check this one out. With the prime rate where it is, if you have a Canadian bank account here is how you start earning interest - Banks pay upto 3.75% on daily balances. There is a minimum limit and a maximum limit. If you are having any kind of balance at all , in your business checking account, talk to your banker and ask how you can earn interest on daily balances

Long distance charges - Day 6

2007-11-13T03:53:00.000-08:00

Business executives ravelling in US/Canada incur long distance and roaming charges of around $1.70 per minute. There are specialized agencies that rent cell phones at $0.17 per minute, almost at 10% of the cost.In order to be cost effective, the spend needs to be around $350 per year.

Customs duty - Day 5

2007-11-02T15:04:00.000-07:00

Verification of classification for customs duty.
There are Consultants who verify all paymenst with the latest regulations
Strict confidentiality “Pay by results” they share in the refunds after you receive the refunds
No savings – No fees
So, without any cost or work, you can get it checked.

Overtime cost reduction - Day 4

2007-10-24T03:38:00.000-07:00

We had a lot of overtime-doubletime. Both saturdays and sundays. We allowed the opportunity for employees to come in 2 hours early or stay back 2 hours. This is a win-win for employees and employer. The employer can avoid double time and the employee can avoid working on sunday. Try it out.

GST/PST verification and savings - Day 3

2007-10-23T18:50:00.000-07:00

1. Verification of tax payments
2. Usually, rebates not claimed – such as purchase of non – taxable services,internet access,quality control testing,out of province usage, bar code labels, production consumables, flight bookings to Quebec, shop tools, repairs and maintenance, taxes and duties on certain membership fees etc
3. Consultant verifies all records
4. Files claims – simple only and none that are complex
5. Pay by results where the consultant gets paid only after you get the refund cheque or make an adjustment to current payment.
6. Usually he shares 30% on the refund
7. They may also find non- payment areas , that can be corrected avoiding interest and penalties later on

Save on cell phone plans - Day 2

2007-10-20T19:50:00.000-07:00

If you are paying /reimbursing for more than 5 cell phones - you need to get expeet help to reduce your cell phone bills. There are specialists who will monitor and move plans/minutes around and get you savings. They get paid as a share of your savings after you get your savings. This is agreat way to reduce your cell phone spend.If you need more information send an email to easwarcrown@yahoo.com

76 Quick wins for Profit improvement - Day 1

2007-10-14T07:12:00.000-07:00

Property tax
•Correct understanding assessment notices, tax bill information etc.
•Property in Ontario is supposed to be assessed based on “market value”estimate of your property at a specific date
•Whether you pay or reimburse your landlord, you need to get it checked
•Accurate classification ensures that you pay the correct taxes – nothing more
•Review accuracy of all assessment records, frozen rolls to date
•Review site specific details of size,type of construction,uses and other factors that affect market conditions
•Segregation of real, personal and intangible property values
•Identification of market conditions and inequities among comparable regional and provincial wide marketplaces.
•Review and assist in tax classification, preparation of rebates etc

Profit Improvement Now

2007-10-13T05:30:00.000-07:00

Businesses are innudated from all fronts. Competetion from China,Customers seeking cost reduction, inflation in commodities, taxes etc etc. To retain profitabilty and survive, a business needs to take action on various fronts to balance inflation andother threats with a systematic profit improvement plan.