Would you rather “Save a Dollar,” or “Sell a Dollar?”

With the New Year well underway, most business people, and especially professional appraisers, look forward to making this year the best business year ever. Two strategies can get you there: sell more and spend less.

What most folks do not understand is that reducing one dollar of spending has a greater impact on the bottom line than one additional dollar in sales. For many appraisal practices, saving one dollar is the equivalent of selling $1.50.

Reducing expenses has a greater impact than selling the same amount. So, look at every expense. Identify where you can reduce your spending. Don’t skimp, but find the expenses that don‟t provide you or your clients with a benefit.

Create a budget for finances AND your billable and non-billable time.

Expense reduction ideas:

  • Phone expenses (both cellular and landlines) – call your phone company and ask them about specials and ways to save on your bill.
  • ISP (Internet Service Providers) There is lots of room for negotiations in this area. Call and talk to them.
  • Merchant accounts and credit cards
  • Bank fees

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