Interview with Alex Little
In this video, William McKissock and Alex Little discuss Alex’s business, Little CFO Services, and why he’s so passionate about helping small businesses.
Interview with Yianni Arhontoulis
In this video, Schooley Mitchell’s William McKissock interviews Yianni Arhontoulis of Cultivate Advisors. For more about Cultivate Advisors, visit: https://cultivateadvisors.com/
Check out Heirloom Linens
From natural and down alternative duvets, pillows and feather beds to designer duvet covers, Egyptian cotton bedsheets, and blissfully breathable silk bedding, Heirloom Linens has something for everyone. Check it out today!
Featured Contact Kelli Viscounte at Love Our Community
Kelli Viscounte is the proud founder and president of Love Our Community, a non-profit organization founded to mobilize the community to meet the unseen needs of its neighbors. Kelli strives to connect people through relationships and resources to increase quality of life.
Cost reduction is the strongest weapon in your business’ fight against inflation
Any business owner knows that this decade has been rough. From shutdowns and restrictions, to inflation and staffing shortages, and the looming threat of recession around every corner, it’s understandable that many business owners and managers are scrambling to keep their operations afloat.
I see this in my personal life as well as my professional one. A gym I belong to has been reducing its services and cutting staff as a result of pandemic hang-over and other macroeconomic challenges. While this obviously changes the gym experience, even more, it makes me think of the consequences of these actions, compared to the alternatives not taken.
In particular, this comes to mind when I see businesses compromising their services and staffing, compared to practicing more proactive cost reduction.
The dangers of losing staff.
While we are experiencing record staffing shortages in North America, and that’s not always something your business can prevent. Widespread layoffs should not be your first cost-cutting measure. Especially if your business, like many others, is already in the position of having to raise prices due to inflation.
Cutting staff and working below your optimal staffing level can have significant negative impacts on your business. These include:
- Higher likelihood of paying overtime
- Employee burnout
- Increased mistakes and accidents
- Decreased quality of service and productivity
- Lower team morale
- Higher turnover rates
You might think cutting staff is saving money, but it’s likely to cost more in the long run.
Why understaff when you might already be overpaying?
Thinking back to my gym, cutting staff and reducing services – all the while risking its customer retention –I wonder if they’ve taken a look at other expenses, instead.
My business, Schooley Mitchell, helps businesses and other organizations reduce operational expenses across thirteen categories, including telecommunications, merchant services, fuel, waste disposal, and shipping. We do this all by leveraging proprietary software, best-in-class pricing databases and long-standing relationships with service providers to find savings, and monitoring accounts on an ongoing basis so they remain optimized. All this to say, we implement savings without disrupting or reducing services.
If we look at waste expenses alone, Schooley Mitchell helps save recreational businesses, including gyms, an average of 40% on their waste disposal fees. Think about your yearly waste disposal spend and cut that by 40% – that could go a long way in preventing you from being understaffed or having to cut quality.
It’s not just gyms…
No matter what the industry, businesses should be looking to proactive cost reduction solutions before cutting staff and services.
For example, we recently helped implement payment processing savings of $47,500 per quarter for a maintenance business. Depending on your business, those kinds of savings could more than cover an employee’s wages, with money left over to improve services instead of reducing them.
The truth is that many businesses don’t know whether or not they’re paying competitive rates on their essential services. Given our experience – over twenty years and 27,000 clients to date – we have the knowledge, resources, and clout with vendors to ensure you’re paying fair prices, and not a penny more.
Contact me for a risk-free, no-obligation expense audit.
Cutting staff and reducing services should be a last resort, not the first tool you reach for.
To learn more about your business can save an average of 28% on its essential services, at no cost to your business, reach out to me at [email protected].
Check out Kamelia Fisher of The Cuyahoga Falls Chamber of Commerce
If you’re looking to connect with other businesses in the Cuyahoga Falls, Ohio area, then contact Kamelia Fisher today! As the executive director of The Cuyahoga Falls Chamber of Commerce, she can help you build relationships that will help your business reach its full potential.
Check out Andy Eicher of Andrew Eicher Photography
If you need a professional headshot, look no further than Andy Eicher of Andrew Eicher Photography. He is an excellent photographer who will make you look and feel your best while having fun in the process!
Check out Aaron Sattler with eXp Realty
If you’re looking to buy or sell your home, contact Aaron Sattler with eXp Realty today. He’ll provide the prompt, professional services you need to help find the home of your dreams or effectively sell your property!
Check out Oakwood Creative Care
Oakwood Creative Care believes that life is not over because of a diagnosis of Alzheimer’s disease, Parkinson’s disease, or stroke. Visit a center today to see how it provides hope, dignity, care, and purpose beyond the diagnosis.
Check out Donovan and Bauer Auto Group
Whether you’re in the market for a brand-new vehicle, a deal on a used model, or an oil change on your Buick, Chevrolet, or GMC model, contact Donovan and Bauer Auto Group today. It has a great team that is always ready and waiting to help you get what you need.
