On many items such as cell phones, Internet and copier leases, we are required to sign a contract for an extended period of time. Many times we fulfill the contract terms and continue to pay the same monthly rate for months or even years after that. In today’s market and with technology changing so quickly, contracts need to be reviewed each time they expire. Are you paying to maintain an older piece of technology because you think it is cheaper than getting a new one? Many times, we have found that by signing a new lease agreement, we were able to save money and obtain better equipment.
The same applies to insurance. It is an expense that no one likes, but we have to have it. There are many different kinds of insurance including health, property, liability and workman’s compensation. Each year when you renew the different policies, do you get multiple quotes from different insurance agents? This is an area where getting quotes can help keep your rates low and save you thousands of dollars.
Spotting and rectifying waste in your business can take a little extra work and attention to detail. But by spending some extra time to renegotiate contracts and obtain quotes, you can realize cost savings that occur every month and not just a one-time savings.
This article originally appeared in Trigard Tuesdays, our weekly electronic newsletter featuring information for the funeral industry. Sign up for your free subscription at http://www.trigard.com/tuesdays.