TaxMama’s Money Tips
We asked: What should small business do in an economic slowdown? Eva “TaxMama” Rosenberg answered!
By Eva Rosenberg, MBA, EA
Publisher, taxmama.com, “Where Taxes are Fun!”
…Just some quick ideas before I actually wake up and start producing today’s TaxQuip.
1) There are the obvious suggestions – start analyzing your comparative financial statements to see where your costs are highest – especially compared to the last 3-5 years.
2) Look at your vendor records and see which vendors you’re ordering from on a weekly or frequent basis.
a) Are too many orders being placed, for too many things the company doesn’t need all that much? i.e. frivolous orders
b) Could placing fewer, larger orders result in discounts?
c) Are you taking advantage of 2%/10 day payment terms? Or can you negotiate those terms with your larger vendors?
