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Articles from Derrick Welch | Selfgrowth.com
- 6 Ways to Significantly Reduce Your Shipping and Packaging Costs - by Submitted on Jun 04, 2019 from Derrick Welch1. Always ask for lower rates Remember, published rates are list prices; if you ship any type of volume at all you should be able to get discounted rates. If you don't ask you can be sure you won't get them. When you do ask, make sure you point out that you are also asking the competition ...
Views: 681 - What You Need to Know About Using Purchase Orders - by Submitted on Jun 04, 2019 from Derrick WelchYou should be using a purchase order for every purchase. The best way to eliminate the possibility of miscommunication is through the use of your purchase order. This purchase order should be designed to clearly indicate all terms under which you are purchasing the item. This should include ...
Views: 526 - 5 Ways to Significantly Increase Your Sales - by Submitted on Jun 04, 2019 from Derrick Welch1. All sales leads must be followed up If you are spending money to generate sales leads, you damn well had better make sure that every lead is followed up; you must have a way to ensure this is being done. If you do not, you are simply wasting your money. Let me give you just one ...
Views: 1276 - Your Accounts Payable Department Can Significantly Improve Your Bottom Line - by Submitted on Jun 04, 2019 from Derrick WelchOffer to pay early in exchange for a discount. Many companies will be happy to offer a 1% or 2% discount in exchange for early payment if you ask for it. Offer to pay early in exchange for a 2% discount and I will be surprised if at least 50% of your creditors don't accept. All you need to ...
Views: 471 - You Must "Walk the Talk" - by Submitted on Jun 04, 2019 from Derrick WelchAs an owner or manager you must demonstrate your commitment to a program of total cost control if you are to maximize your results. You must walk the talk. You cannot say one thing and do another. Doing so will result in far less than optimum success. Let me give you a real life example. The ...
Views: 471(1 vote) - Would You Want to be One of Your Own Customers? - by Submitted on Jun 04, 2019 from Derrick WelchI hope you did not answer that because there is no way for you to answer that question unless you are a customer of your company. I strongly suggest you become one, at least to the point of calling or visiting your own company on a regular basis or, if you are too recognizable, have someone ...
Views: 477 - Who is Doing Your Purchasing and What Experience Do They Have? - by Submitted on Jun 04, 2019 from Derrick WelchLet me tell you a story about the time I first joined a certain company. At that time all their office supply needs were filled by a local office supply store. The people at the store, and the reps who called on them were very nice dependable people. The products they carried were brand ...
Views: 470 - Uncontrolled Costs Can Put You Out of Business - by Submitted on Jun 04, 2019 from Derrick WelchA company with strong financial management habits can survive many other types of mismanagement, however, no matter how strong management is in other areas, without strong financial management a company will never reach the levels of profitability they could, and should, reach. In fact, they ...
Views: 570 - There is More Than One Type of Customer Service - by Submitted on Jun 04, 2019 from Derrick WelchWhat does the often used, but rarely understood, term "customer service" mean to you? Most people think of customer service as the service given to external customers, customers who buy the products and services of the company. To many people, it refers to the quality of service they give ...
Views: 472 - Small One Time Savings Do Not Matter - by Submitted on Jun 04, 2019 from Derrick WelchI once read a paragraph in a book supposedly on the subject of cost control. This book stated that you should not worry about being overcharged small amounts on small or one time purchases as this type of activity has no real impact on your bottom line. It went on to state that you should only ...
Views: 499 - If You Want to be Recognized and Appreciated, Make Sure You Are Recognizing Others and Showing Your Appreciation - by Submitted on Jun 04, 2019 from Derrick WelchOne way to foster positive feelings from others is to do what you can to help them and to thank them. Just as it is critical to thank your customers, it is equally important to thank your co-workers and employees. They are your internal customers. Let them know how much you appreciate ...
Views: 532 - 7 Ways to Significantly Improve your Accounts Receivables - by Submitted on Jun 04, 2019 from Derrick WelchPast due accounts cost you money and a good deal of it. Every day an account is not paid you are losing money in a number of ways. You must control this process both aggressively and systematically. 1. The bigger the invoice the better the cash flow. These words of wisdom apply to every ...
Views: 486 - 5 Powerful Purchasing Strategies - by Submitted on Jun 04, 2019 from Derrick Welch1. The Devil in the Details Ensure that you read the small print and that you understand all terms and conditions under which you are agreeing to buy anything. Again, this may seem obvious but it is rarely done. Most people do not take the time to read the small print;they take the sales ...
Views: 609 - Would you Like to Dramatically Increase your Bottom Line? Just Ask. - by Submitted on Jun 04, 2019 from Derrick WelchAlways try to negotiate better deals with your current suppliers. Call them. Tell them you are happy with their current service but you must get better prices. If you are not bidding out jobs and purchases, as you should be, tell them you are going to have to start getting bids. Tell them you ...
Views: 471 - 4 Ways to Dramatically Improve Your Purchasing - by Submitted on Jun 04, 2019 from Derrick Welch1. Have an Open Door Policy Competition is one of the keys that drive your ability to control and reduce your costs, therefore, you should have an open door policy for dealing with vendors. By this I do not mean that you should see every sales rep that comes knocking on your door. After all, ...
Views: 622 - How to Double Your Profits Without Increasing Your Sales - by Submitted on Jun 04, 2019 from Derrick WelchRecent studies analyzing the tax returns of over 1 million businesses have shown that the majority of companies in this country make a pretax profit, as a percentage of sales, of 5% or less. I am not just referring to small companies. If your company made a pretax profit last year of 5% or ...
Views: 540 - The Simplicity of Dramatically Increasing the Bottom Line of your Business - by Submitted on Jun 04, 2019 from Derrick WelchHas there ever been a more difficult time to even try to maintain profit levels never mind increase them? Decreasing margins, rising labor and material costs, increased competition, escalating marketing, operational, and administrative expenses, higher product costs and higher taxes are just ...
Views: 584 - The Success Formula: Defy Mediocrity - by Submitted on Jun 04, 2019 from Derrick Welch"If you want me to do more, pay me more. Pay me more and I will do a better job." This is the battle cry of mediocrity. A common problem today is that employees want to be paid more to perform better; they have this backwards. By requesting more money to do a better job, they are admitting ...
Views: 514 - 6 Ways to Improve Your Purchasing Activities - by Submitted on Jun 04, 2019 from Derrick Welch1. Only Authorized Personnel Should Purchase Anything If you allow anyone who needs anything to purchase whatever they need, even if it is small quantities of office supplies, you have a serious problem. All purchases must be authorized and funneled through one central purchasing group or ...
Views: 608 - 6 Ways to Significantly Reduce Worker’s Compensation Costs - by Submitted on Jun 04, 2019 from Derrick Welch1. Be involved in your yearly workers' compensation audit This is the time each year when your insurance carrier will verify payrolls and risk classifications. You must verify all figures to ensure proper payrolls within each risk classification within the period in question and to challenge ...
Views: 483 - 7 More Ways to Dramatically Reduce the Cost of Using Outside Experts - by Submitted on Jun 04, 2019 from Derrick Welch1. You should be keeping a log to record the time incurred with all your outside experts I know that in some cases you are not able to verify the time spent on your behalf as it takes place out of the office. However, in many cases you will be able to track much of the time expended on your ...
Views: 533 - 7 Ways to Reduce Your Insurance Costs - by Submitted on Jun 04, 2019 from Derrick Welch1. You must shop around for your insurance coverage Blindly staying with the same company year after year will rarely, if ever, result in the best coverage for the best rates. I suggest that you bring in 3 agents each year, or at least every two years, to review your insurance needs, ...
Views: 550 - 9 More Tips to Significantly Improve Your Purchasing Profitability - by Submitted on Jun 04, 2019 from Derrick Welch1. Ignore the term "discount" When you hear this term your warning bells should go off. Ask the questions. Discounted from what? Discounted compared to what prices, over inflated starting prices? Discounted prices may not be discounted at all. They may be establishing the list price and ...
Views: 551 - Dramatically Reduce the Cost of Using Outside Experts - by Submitted on Jun 04, 2019 from Derrick WelchI am talking about consultants, accountants, ad agencies, design houses, lawyers, creative people, and anyone who is not on your staff but who you periodically pay to provide you with some sort of service. Your goal must be to reduce and control your costs incurred in conjunction with the use of ...
Views: 573 - Even More Ways to Dramatically Reduce the Cost of Using Outside Experts - by Submitted on Jun 04, 2019 from Derrick Welcheed an expert? You know many of them Who? Think. To start with, how about your suppliers? They know a great deal about your market and your competition. They can provide you with a wealth of information and advice. They know sources, they may know what works and what has failed. They may be ...
Views: 536 - Money Has a Cost - by Submitted on Jun 04, 2019 from Derrick WelchWhen I speak about the "cost of money" I am talking about just that. Allow me to explain it here to avoid boring you by repeating the same definition whenever I talk about it. All money has a cost Money is either used to make you money or you have lost the opportunity for your money to make ...
Views: 620 - Questions Are the Key to Success in Business and Life - by Submitted on Jun 04, 2019 from Derrick WelchIt was Kipling who gave us what was perhaps the greatest advice for business success and, in fact, success in life that has ever been given. He told us the key to success in all areas when he said "I had six honest serving men. They taught me all I knew. Their names were: where and what and when ...
Views: 610 - The Fear of Failure - by Submitted on Jun 04, 2019 from Derrick WelchPerhaps the biggest mistake you can make is being afraid to make a mistake. What is the worst that can happen? In most cases it will be minor. Don't be afraid to say "I screwed up". "I was wrong". You might dent your ego and feel a bit embarrassed, but people will respect your candor and ...
Views: 556(1 vote)