The Hidden Costs of Transaction Fees: Are You Giving Away Revenue? - 10/3/2024

What does an infrared thermal picture of a residential window have to do with business financing? 

The key linkage between the two is in terms of efficiency.  If your windows were properly installed with the right amount of insulation, caulking, fitting etc., there is a smaller chance of heat/cold loss, improving your home's efficiency and lowering your utility bills.  Just as you would conduct an energy efficiency study of your home, consider doing a financial efficiency study of your business. 

Are there opportunities to rethink how customers pay for your goods and services?  

Excerpt from: Breaking Barriers: Overcoming the Top 5 Financial Myths that Keep You Broke - A Guide for the Small-Medium Sized Business Owner

See time as currency: In favor of getting money upfront, we forget that the offer of time is valuable “currency” for some of your clients. Remember this when you are negotiating or customizing a buying solution for your customer. It may require creativity to solve their problem, such as figuring out a fair payment plan that works for both parties. Using a credit card, the business often suffers the loss with the customer having little awareness of how this affects the business. It’s death by a thousand cuts. Educating your customer about alternatives can build a stronger relationship in the long run.

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