Business Expenses You Can Reduce or Eliminate to Save Thousands

9 Business Expenses You Can Reduce or Eliminate to Save Thousands

According to Business Insider, cash-flow problems account for 82 percent of all small-business failures. That’s nearly double the second-place factor (no market need for the product). If you run a small business, you’re more likely to succeed by selling a product no one wants than you are with a weak cash flow.

Necessary expenses either make you money or differentiate your business from the competition. If you pay a lot for customer service representatives, but your company offers the best service in its niche, that’s not an unnecessary expense — it’s a market differentiator. If you spend tons of money on an automated service line that’s rarely used, that’s an expense to chop.

See more here.

More than a third of small businesses can’t fill open jobs, matching a record

“The number of small business that aren’t able to find enough workers has matched the highest level ever recorded.

“Labor markets are very tight, for both skilled and unskilled workers,” wrote William Dunkelberg and Holly Wade, chief economist and director of research at NFIB, respectively. “More firms are looking for workers than workers looking for a job. And the hiring strength is in industries that pay well: construction, manufacturing, and financial services.”

According to July’s Job Opening and Labor Turnover Survey (JOLTS) published Tuesday, there were 6.6 million open positions in May, more than the 6.1 million unemployed persons in during the month, according to the Bureau of Labor Statistics.”

Read more in CNBC article.

When’s the Right Time to Call in a Restaurant Consultant?

“No matter how good business is out of the gate, many restaurants have to rejigger something after its initial debut. Maybe it’s revamping a menu, nixing dishes, or overhauling an entire kitchen staff. Sometimes it’s altering hours of business, or redesigning the dining room for flow. Working with an outside group can help determine those changes, but the question for many is when to bring them in. For some, it’s before a restaurant opens; for others it’s when sales start to falter. Sometimes they can help after a few short months.”

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Walmart to Enter New York City – Not With a Store, but an Ecommerce Center

“Walmart’s Jet.com is testing same-day grocery delivery in New York, as it dials up its efforts in the battle for online customers. The retailer announced Tuesday that it will open up a fulfillment center in the Bronx for Jet.com, the e-commerce start-up it acquired roughly two years ago. The fulfillment center will serve as the base for the delivery of goods like groceries and Apple electronics.”

“The move comes as Walmart has been investing heavily in its online grocery business. It previously announced plans to expand its online grocery delivery service to a fleet of roughly 800 stores by the end of the year. It has also been re-outfitting its stores to support mobile and online delivery, as well as converting some of its Sam’s Clubs into distribution centers for Walmart’s online grocery business.”

As of now, though, the Bronx warehouse will only store Jet inventory and the service will only deliver Jet goods.”

Read more here.

Starbucks Will Drop Plastic Straws by 2020

“The coffee chain already uses its strawless lids in 8,000 North American stores for drinks like its draft nitro and cold foam beverages. They are being tested for some beverages in other markets including China, Japan, Singapore, Thailand and Vietnam, according to the company.

Starbucks will launch two new cold offerings in the U.S. and Canada on Tuesday that use the lids, including a salted cream cold foam cold brew, Starbucks spokeswoman Haley Drage said in an email.”

Read more here.

A Rooftop Pool and Bar With a Skyline View Opens in Williamsburg Next Week

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“The collection of rooftop bars in Williamsburg gets a new player next week at the Williamsburg Hotel, which has a pool along with its full bar and Manhattan skyline views. The hotel rooftop, located at 96 Wythe Ave., will serve food from the downstairs restaurant Harvey, including farro salad and lobster rolls. Frozen drinks, cocktails, beer, and wine are available, too. A day pass for 11 a.m. to 6 p.m. costs $65 Monday through Thursday and $100 Friday through Sunday; the rooftop bar stays open until midnight Sunday through Wednesday and until 2 a.m. Thursday through Saturday. It opens next Friday, July 13th.”

Read more here.

How Can Grocers Drive Alcohol Sales in an Ecommerce World?

“Something strange is happening when consumers move their grocery spending online: They don’t buy alcohol. In a brick-and-mortar supermarket, around 5 percent of consumer spending goes to alcohol, according to data from Progressive Grocer.When a consumer shops for groceries online, however, only 0.7 percent of every dollar goes to the alcohol aisle.”

“In other words, alcohol’s share of grocery spending is 85 percent lower online than in brick-and-mortar stores.”

“If alcohol sales continue to underperform online and if online grocery sales grow as fast as analysts expect, then supermarkets could lose $3.9 billion in annual alcohol sales per year by 2022. That’s an astounding turnaround, considering that between 2011 and 2016, alcohol was the fastest-growing category in grocery.”

Read more here.