I recently started helping out my family business. One is a retail store, and one is a software store (about 30 employees in total). I was shocked at some of the excessive costs within the org. What are your best techniques for finding excessive costs, and then renegotiating prices or eliminating them? Here are a few example
Phone system- 16k Internet - 29k back up internet - 7k NetSuit license (note two businesses running separate netsuits, and shared licenses) - 50k Merchants & Fees - 80k Third party IT services - 30k search engine expenses - 60k Office Supplies - 25k etc.
Utilize your expense list to obtain quotes from at least three different competitors, then explore your options. If you’re content with your current provider, leverage these quotes to negotiate a more favorable price. Following this, conduct a thorough audit of your usage for each service and confirm its return on investment. If you find that you’re only utilizing 10 out of 100 licenses, consider renegotiating or adjusting your arrangement accordingly.