It’s still first quarter and your staff is tired of trying the same old tricks to get in the door of new clients. You’re out of new products to sell, or you’re at a loss for creativity in securing existing clients. Whatever the need, here is sure-fire solution to increasing revenue without having to become an expert on the service.
1. Start a new division within your firm and become the key contact for cost recovery services. No matter what the environment, who’s in the house, senate or presidency, there are always going to be interested buyers for cost reduction, particularly if it involves little time on the part of the client, and payment is based on contingency (nothing paid for nothing found).
2. Use a back office provider to supply all of the service support for your needs, including the training to your staff and presenting to your customers.
3. Make sure you get paid for finding your clients money and shoot for residual earning that pays for years.
4. Differentiate yourself from your competition by offering this unique service and start building a team to offer your clients these value added services.
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Your accountant has recommended that you sit down with a “contingency-based” savings consultant that is geared toward helping you find errors in many different areas: workers compensation expense, waste management, merchant service fees, tax bills, wireless service, shipping and freight services, monitoring vendor insurance coverages, and the like. The whole concept can be overwhelming. You think to yourself, “Where will we begin to determine how to save?” You might even think to yourself that you just don’t have time to delve into something of this magnitude. Well, time is money, and most businesses want to stick to their core business, without having to learn about each and every service listed above, so many hire a cost recovery advocate to take care of finding money to put back on the bottom line.
Here are four tips to maximize the efficiency of your initial visit with this cost recovery advocate:
1. The person most interested in the bottom line should be at the meeting. It’s fine to delegate the gathering of these few documents but the direction has to come from the top down and the owner of the company or franchise or commercial property owner has to drive the process.
2. Be prepared to gather a few past bills, whether it’, tax, merchant services, wireless, freight, etc. Nothing fancy, just something your cost recovery advisor can review to see if there are “inappropriate” charges. From there, a proper baseline can be established with your cost recovery advisor.
3. Don’t assume that everything you’re doing is correct. If the focus is on the bottom line, be open to looking at small changes that may yield big returns. For example, a simple review of your processes may indicate the need for a small administrative change on the front end. Remember, garbage in is garbage out.
4. Be ready to move forward. Recognize that while you waste time in making a simple decision, you can waste money. In most cases your cost recovery can begin immediately and there’s no reason to wait, particularly if your consultant is paid based on what they save.
In summary, don’t fret about your initial meeting. The concept is simple…if both parties are focused on the bottom line, then the goals are in sync and the effort is minimal. Just “do it”!