GEMoney Bank pushes means to cut biz costs
In an effort to strengthen its presence in the Philippine market, GE (General Electric) Money Bank has released recommendations for depositors and businesses to sustain profit and financial vigor, amid the economic crisis.
While each business will have its own ways to increase revenue, lowering certain costs that are universal and effective may be easier to implement immediately.
The bank offers suggestion of cost cutting measures, such as optimizing office space, limiting membership (organizations, clubs, subscription) fee expenses, new technology adoption, limit travel activities, save on printing costs, and effective strategy on office supplies’ spending.
The bank suggested that if possible, “consider renting out the space you don’t need to other businesses. If not, engage in allied services that would generate revenues for the area. Also, sell old office furniture or equipment that is no long useful, or that gathers dust.”
Evaluating whether the benefits that a business receives from membership fees for business organizations and subscriptions to industry publications are really worth the amount paid. “Go for the essentials that would value-added to business,” the bank suggested.
Also, a company could save tremendously in using new technology, such as setting up wireless connections to eliminate the need for multiple service subscriptions, and for office equipment with sharing capability like network printers only one unit of each is needed.
Instead of printing documents, it is high suggested the email technology should be used widely, instead of printing documents, sharing it through e-mail documents and files out for clients and co-workers, is a big savings for paper and ink expenses.
Soliciting bids from new vendors and comparing prices and renegotiating with current suppliers for better deal should also be done to maintain low inventories supported with a responsive supplier who can deliver lower quantities on time orders.
Lastly, choosing bank partner is very crucial. Deposit with a bank with the security and expertise of a leading international financial institution and the flexibility to accommodate specific needs to a business.
GE Money is a unit of General Electric Company (NYSE:GE). It is a leading provider of retail; banking and credit services to consumers, retailers and auto dealers in 55 countries around the world.
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