MINNEAPOLIS, February 4, 2022 /PRNewswire/ — Biorn Corporation, a debt collection agency, saw a 9.4% reduction in costs in 2021 compared to the prior year. Craig Biorn, president, advises his clients, as they continue to plan for 2022, to start cutting costs. This is another tool to help drive net income growth. Often business owners want to increase their sales and tend to focus on bigger revenue, which is great. However, looking at expenses is also an effective weapon to improve profits.
Biorn has managed to cut a number of expense items at his agency, including payroll, phone, postage and office supplies. Reviewing internal processes and procedures with your employees is a great way to identify how your business can reduce workload and costs. With today’s technology, organizations have wonderful opportunities to identify ways to streamline work and get it done at lower cost.
Make sure to communicate with your staff and have them on the same page. Together, they can develop ways to maintain your quality of service while adding ideas to get things done economically. Dee Wald, Office Manager at Biorn Corporation, negotiated with Biorn suppliers or found new ones to reduce costs. Seeking price discounts from your suppliers can lead to better results. Also, researching other vendors who can step in to earn your business is another option. (This usually motivates the current supplier to work with you.)
Other areas that one can look for to reduce costs are IT costs/services, advertising, freight, subscriptions, rent, repairs and maintenance. For those who create products, your suppliers are another group to negotiate with.
“I am amazed at the number of small businesses that get caught up in accepting price increases and apply little management to find a better way to do things at lower cost. Some of them are having financial problems and have to deal with the debt collector.” says Biorn.
Although there are many reasons why debts have been submitted to Biorn Corporation, Biorn’s cost cutting advice could be a useful advice to avoid some future challenges. This can put a better number on your bottom line.
In addition, it is important to keep an eye on your customer accounts. Biorn is always open to discuss managing accounts receivable to maintain your cash flow. He invites those who contact him and use his 40 years of experience serving clients in all types of industries.
SOURCE Biorn Corporation