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Check Processing & Payments Information

Look Out, It's Budget Time!

Posted by Kris Coughtry | Thu, Oct 20, 2011 @ 07:28 AM

Spooky Budget Time It's that scary time of year: the days get shorter, we set out the carving tools, get lost in mazes, drag the skeletons out of the closets and become easily startled. Halloween? Yes, that, too, but it can also mean...Business Budget time!

For many businesses this time of year is when budget planning begins. Managers wrap up the year, see what worked, review what didn't and start preparations for mapping out the new year. Sometimes it's scary, sometimes tedious, but always necessary. With all this going on, now is the time to keep an eye out for ways to improve business practices and consider new services to maximize business efficiencies for the upcoming year. Use budget time as an opportunity to make your business more profitable.

Review and Refine. Don't wait until January to review your current business practices. Use these fourth quarter months to get ready to start the calendar year with new ways to save, serve customers or increase profit. Ask yourself, and your staff, some important questions:

  • How can your business be more efficient?
  • How has your business (or your customers) changed over the past year?
  • What processes are you doing today that are redundant or unnecessary?
  • What new technology or systems are available now that can aid your business?

For example, if you are accepting checks and depositing them at the bank investigate services that can eliminate bank trips through remote deposit capture. For pennies per check you can reduce the expense of mileage, parking, staff time and paperwork needed to visit the bank daily.

Do you send printed statements to your clients? Many people now prefer email communication so consider offering your customers a paperless version and save your business printing and postage costs. Email can be a more efficient way for your customers to communicate with you. Your staff can respond quickly during slow times of the day.

Consider outsourcing some of your business tasks. Do you put off contacting clients that owe you money? Take a look at "pre-collect" services that can help you contact patients or clients without the expense of traditional collections. Diplomatic services are available that manage early contact with automated phone calls and customized letters for a low, per-account fee. You'll save internal resources and increase cash flow and possibly reduce the amount that become candidates for contact by a percentage-based collection agency.

Finally, use this time to perform a review of your current service providers and vendors. As part of your planning process, compare vendors to make sure you are getting the best service and price. Ask for a consultation to find out what's new, or if you are utilizing all of the features available to you. New providers are often willing to offer competitive pricing to get your business. In addition, new services may have become available that can benefit your situation but never made it to your attention previously. Look and listen, then put the steps in place to start the new year off right... it's just around the corner.

If you are looking to add efficiency to your payment processes, contact us for a presentation on check and collections services that save time and money. We'd love to hear from you.

 

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Written by Kris Coughtry