Looking at your Profit/Loss Statement

  • Now is the time to review your profit and loss statement to see where you can “harvest” some savings! I was with a client yesterday that spent over $15,000 in banking fees last year. I suggested that with banking being so highly competitive here in Tarrant County that he may wish to “shop” other banks. The client was adamant that was not going to happen, even though he had challenges with his bank.

    We want you to be successful-- sometimes the advice that we provide may seem like “bitter medicine”, however, changing banks is not hard or complicated. Bankers want your business and will make it easy to switch banks. No, I don’t get a kickback or commission from any bank-- I just know that saving every dime that you have is important in times like this!! There is no reason to waste money-- and bank fees are one area where you can always harvest some savings-- which go directly to your bottom line. Take a look at your P & L Statement-- we may have found some extra money that you did not realize that you had.

  • Wow. that’s a lot of fees… good call on that.

  • At this time, knowing your numbers and looking at the pennies will make large differences in the profits of your business. When businesses are profitable, it is very easy to become comfortable with certain vendors and the ease of working with the same companies, however, in difficult times, it is important to review every single expense and see where you may be able to save, even down to the copy paper. Some banks have fees that are simply taken for granted as a cost of doing business, now is a good time to review and find a bank that will truly be your “partner”. They do exist, I can assure you. Ask the questions and of certain vendors, ask can they cut their prices or look for ways to negate delivery fees, and fuel surcharges. Fuel is not expensive, this should be cut from your bottom line. Look at the small things.