Every Thursday, we introduce FIVE COST CUTTING TIPS. Here are our favorites for the week:
- Apply for Credit Terms with your vendors
If you have solid purchasing history and good payment record with your vendors, you can ask for credit terms. They’ll give you an application to fill out. Typically you’ll be put on 2/10 net 30. This means that instead of paying at the time of order, or receipt of goods, you’ll have 30 days to pay your invoice. However, if you pay within the 10 days you’ll receive a 2% discount on purchases. This 2% can add up over time and you may not be maximizing on it.
- Buy wholesale
There are some things you may already be purchasing wholesale especially if you carry inventory for a product related business (like wedding invites). However, there is a world of wholesale that is available that most people aren’t maximizing. Rogie Faber, Director of Internet Operations for Vogue Fabrics, recently shared with me, “I am always surprised at how many event planners and linen companies come to us for wholesale fabrics to make table linens & chair covers in off-beat styles or colors, tulle and netting for pew swags, muslin for custom painted aisle runners with the couples name and wedding date, etc. They order directly from our Wholesale Fabrics section on our site. ” You can google “wholesale ______” (anything) and are sure to come up with great sources for anything needed for your wedding business.
- Use Craig’s List
A couple years ago my laptop needed an upgrade. I spent over $200 at a boutique repair shop adding more memory and debugging it. Recently, my husband went on to Craig’s List found a young man doing upgrades for $30 as a side-gig. And, his computer runs as great as mine! In this economy, you are sure to find a lot of people selling great services at a discount. Craig’s List is the place for hidden talent at discounted rates.
- Company Liquidations
You can find great office equipment at company liquidations. Either these companies have gone out of business, or they are simply upgrading their assets. You can typically find these on Craig’s List or by googling “company liquidation sale”. Some companies are constantly upgrading their equipment and have warehouses of office goods. Here, in Seattle, Boeing has a pretty amazing warehouse of desks, office chairs, filing cabinets, etc.
- Get a Costco Membership
Costco has a great corporate membership that gives you really great benefits, in addition to their low pricing on all products. The savings in office supplies alone is well worth this membership.
Do you have great cost-cutting tips? Email them to us at SageWeddingPros-at-gmail.com.