MINNEAPOLIS, Feb. 4, 2022 /PRNewswire/ — Biorn Corporation, a debt collection agency, had a 9.4% reduction in their costs in 2021 from the previous year. Craig Biorn, President, recommends to his clients, as they continue planning the 2022 year, to start cutting costs. This is another tool to help drive growth on the net income. Often business owners want to gain more sales and tend to focus on stronger revenue, which is great. However, looking at the expense side is an effective weapon in improving the profit as well.
Biorn had success in lowering a number of expense areas in his agency, which included payroll, telephone, postage and office supplies. Reviewing the internal processes and procedures with your employees is a great way to identify how your company can reduce workload and costs. With today’s technology, organizations have wonderful opportunities to identify ways to streamline work and do it for less costs.
Be sure to communicate with your staff and have them on the same page. Together they can develop ways to maintain your quality of service while adding ideas for getting things done economically. Dee Wald, Office Manager at Biorn Corporation, negotiated with Biorn’s vendors, or found new ones, to drive down costs. Seeking price breaks from your vendors can lead to better results. Also, looking for other vendors who can step in to earn your business is another option. (That usually motivates the current vendor to work with you.)
Other areas that one can research to cut costs are computer costs / services, advertising, freight, subscriptions, rent, repairs and maintenance. For those who create products, your suppliers are another group with which to negotiate.
"I am amazed at the number of small businesses that get caught up in accepting price increases and apply little management to finding a better way to do things for less costs. Some of them run into financial problems and have to deal with the debt collector." said Biorn.
While there are many reasons debts have been submitted to Biorn Corporation, Biorn’s cost cutting tip could be a helpful tip to prevent some challenges ahead. It may put a better number on your bottom line.
Also, keeping an eye on your Accounts Receivable is important. Biorn is always open to discuss receivable management to keep your cash flow coming in. He welcomes those to contact him and utilize his 40 years’ experience of servicing clients of all types of industries.
SOURCE Biorn Corporation