Starting a business means making a lot of decisions at once. You’re doing your best, but you might not always make the perfect choices every time. That’s OK! While you don’t want to set yourself up for failure, sometimes you just need to get started, then refine the processes later. Once you find your groove, however, it’s time to reevaluate some of the decisions you made, particularly with respect to the vendor relationships you’ve built. Here are five key partnerships to review ASAP – you may find significant savings!
This might seem like an odd spot to start, but it’s where all your money goes so it has to be right! Does your bank give you incredible customer service? Are they flexible and generous with your needs – low minimum account balances, low rates on credit cards, etc.? Do they have conveniently located branches so you can do business on your terms? If you’re currently answering no to any of these questions, it might be time to take your money elsewhere.
Your Location (Yes, Really)
While it might not make sense for all business owners (retail stores and restaurants, for instance), consider giving up that fancy prime office space in favor of a lower traffic area with reduced rent. Unless your business relies heavily on walk-in business, you can save a bundle by moving your team to a less prominent location. It may even be possible to ditch the office altogether and allow your team to work remotely. Even if you do own a restaurant, retail store, nail salon, or other high walk-in business, take a good hard look at the rent you’re paying compared to what you’re bringing in. It may make sense to move anyway.
Your Software Solutions
In 2017, there’s software for everything. Chances are you’ve been bombarded with offers from companies insisting that you absolutely need what they sell or your business will fail within a week. From swanky CRMs to accounting suites to recruiting platforms, your business is automated to within an inch of its life – and you’re probably paying dearly for it. Make sure that each of these solutions really does pull its weight, and don’t be afraid to switch providers or cancel entirely if something doesn’t make the grade.
Your Internet Service Provider
Internet companies have a nasty habit of enticing new customers with insanely low rates – for the first few months. If you didn’t read the fine print carefully, you may be dismayed to watch your rates crawl upward over time. Take a magnifying glass to that contract! Even if you’re technically locked in for a certain period of time, it may make sense to switch anyway if the savings are significant enough. Of course, be sure to carefully read your new contract as well – you don’t want to fall for another sweet but short-lived deal!
Your Credit Card Processor
Many people think that all credit card processors are created equal, but that’s just not the case. Low rates are important, of course, but it’s about far more than that. Find a merchant services provider who sees themselves as a true partner in your business, and knows you by name rather than a number. Have your current processor fill out our Processor Polygraph, and make sure you like the answers. If you don’t, it’s time to start shopping around. You’re looking for that perfect combination of low rates, excellent customer service, and proactive education to help you run your business better. (Pssst. We’re biased, but we think you’ll find that here at 360 Payments!) Stuck in a contract with your current provider? No problem! It still makes sense to switch in most cases.
We’d love to show you how 360 Payments is different from other credit card processors out there. Give us a call at 1-855-360-0360 or drop us a line on our website. We can’t wait to meet you!
PS – Launching your first startup? We’ve got tips to help with that!
PSS – We’ve also got some great tips on starting a blog for your business.