Ways to Save Money: Follow these checklists to stop your spending leaks and improve your business

Making money is the mission of most businesses.

The equation is simple: increase revenues or reduce spending. Looking for ways to save money in your business? Here are some handy checklists to help you tighten your business dealings and plug up those spending holes.

Contract review checklist: 

It is beneficial for businesses to periodically review their contracts to determine whether they still meet the businesses original requirements.

Follow this general checklist to review contracts:

  • Identify the parties
  • Identify the obligations of each party
  • Terms of contract
  • Price of the product or service
  • Payment of terms – instalment, penalty for late payment
  • Representations and warranties
  • Liability of each party on breach
  • Termination of contract
  • Confidentiality adjudication of disputes to be handled
  • Indemnification
  • Governing law
  • Modification of agreement
  • Severability
  • Jury Trial Waivers
  • Procedure for renewal
  • Signatures
  • Insurance

Contract management checklist: 

The contract management process oversees the performance of each party’s obligations. There are various steps depending on the type of industry but the following is a general checklist.

  • Alerts on key dates
  • Avoidance/mitigation of risk
  • Important upcoming events
  • Project and contract milestones, and deadlines
  • Track contract starts and end dates
  • Keep track of renewals

Non-productive staff checklist: 

Do you think your staff could be more productive, but you’re not sure how to approach the situation? Follow this easy checklist and help lead your employees to productivity.

  • Identify possible non-productive staff in the business
  • Organise a meeting to identify the issue with the staff member and find out the reason behind the problem
  • Document all discussions and agree on Key Performance Indicators from this meeting
  • Give them an opportunity to rectify their actions
  • If they fail to act in a reasonable amount of time, issue a warning
  • Obtain legal advice in relation to lawful dismissal

Underutilised equipment: 

Equipment can go without use for months or even years. Put some money back into your business and follow this checklist to dispose of any underutilised equipment.

  • Identify the underutilised equipment in the company
  • Is the equipment a significant value to the company and its undertakings?
  • If not, an option could be  to sell the equipment to increase cash flow

Ineffective advertising and marketing: 

Advertising is expensive which  is why you want to make sure your  advertising is reaching your target market. The following general checklist will help you determine if your advertising is working and how it can be improved.

  • Analyse the success of particular advertising used by your business.  Ask yourself: does each marketing tool result in a greater increase in revenue than the cost of using that tool?
  • Get rid of the advertisements that are not working for your business
  • Consider implementing tools such as automated email lists and blogs. These will ensure customer retention and increase awareness of your business.
  • Seek legal advice on your intellectual property rightsWant to know what a contract review could do for your business? Please don’t hesitate to contact our experienced Newcastle commercial lawyers at Butlers Business and Law on (02) 4929 7002 or fill out an enquiry form on our website.