Ellen McIlhenny - “The Smart and Savvy Exit – The Big Turnaround – Daryl the Disruptor
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Many of the client conversations I have had recently are about how to further cut expenses? Business is starting to pick up but there is still a lot of uncertainty in the air because of the new restrictions both the federal and some state governments are implementing.
One line of the P&L can be very impactful to companies that send products to their customers or receive products from vendors is the Shipping Expense line.
The first question I ask is; when did you last have a price negotiation with your carrier, and have you gotten quotes from any of their competitors? Just like other contractual agreements like cell phones and insurance, it is wise to get competitive bids on a regular basis.
Another way to save some money is to be sure that whenever possible when having something shipped to you provide your shipping account number to the vendor instead of having them charge you. That will always be the most inexpensive route.
Also, be sure your packaging sizes conform with the standards sizes for your shipping company. Odd dimensions could cause your package to be more expensive.
One way to save at the post office is to use their online shipping feature. This is something that many small business owners are unaware of, and savings can be in the double digits.
At Federal Express and UPS prepaid shipping is an option that can save up to 20 percent. If you are a regular shipper, shipping labels are paid for up front. This is an option if your packages are universal in size.
Another thing, be sure when you are charging your customers for freight, that you have a full accounting of all of the charges from your carrier.
Last, I have talked at length about how valuable trade organizations are. Many of the larger trade organizations have deals with the major carriers. Sometimes those discounts can be as much as 50 percent on some services.
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Show Objectives - The Why
Today we will continue our discussion of my book The Big Turnaround: How bad management nearly destroyed an exceptional company. We will be introducing a new character – Daryl the Disruptor. Tune in to see how Daryl disrupts things at Burgess industries.
Then I’ll talk about another main take-away from the book - Companies Need Strong Managers With Real Authority
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or email@example.com
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