The Bounce Rate Podcast

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This is the Bounce Rate. Eric, how are you? I’m good, Roger.

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James, how are you? I’m great.

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Roger? I’m great, too, and I’m excited that whoever’s listening to this is listening to it.

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This is the Bounce Rate where we talk about everything, local business development,

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and also figuring out what the heck to do with your local business.

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It’s a challenge to serve a community with a local business and deal with the

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national headlines and even the local headlines and figuring out what your bottom line is.

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Yeah, and I’ve been thinking about this with stuff that’s going on.

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I mean, it’s not a super happy time right now. And I think it kind of is weighing on us all.

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I mean, no matter what your perspective, nobody right now is sitting here and saying, boy, this is it.

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This is great. This is real all come together for us.

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And there’s nobody that I can think of who is more on the front lines of having

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that impact their daily life than a local business owner. Yeah.

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Because they make it or break it and it’s on a day-to-day basis and either they

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have enough revenue coming in or they don’t.

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And most of us that get salaries or we’re managing larger portfolios or whatever,

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we don’t have that daily impact like a local business manager does. For sure.

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And today we’re going to talk about cost cutting.

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Sometimes trimming the fat, I guess, is highly important and can save your business.

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And sometimes it might even be unnecessary.

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Sometimes you might be about to cut some funds from a certain budget and it

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really isn’t a good idea.

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It kind of depends on your business, your circumstances. So today we’re going

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to talk about saving money.

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I was almost recorded this episode on a old flip phone to save money,

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but I didn’t because I thought that that would be, you know,

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it’s better to invest in the good mics.

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That is so true. Yeah. So true. Let’s talk about, I’m just going to throw one

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out to start where you don’t want to cut.

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I’ve started a few businesses and…

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I’ve made a lot of mistakes over the years, but one area when you start a business

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or when you have a business is you need good bookkeeping and accounting.

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That’s not an area I feel like you want to mess around with because numbers are everything, right?

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It tells you so much about the business and just from the get go,

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get that stuff right. So important.

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I used a, I had a business and I used the,

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I won’t name what the service was, but it It was one of those online ones that

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syncs with QuickBooks and they’re like, well, it’ll just sync and we’ll just

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provide all your profit and loss statements, all that stuff,

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and you won’t have to do anything.

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And we nearly ran into some tax issues because basically what you need to have

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is someone who knows what they’re doing,

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utilizing one of those services rather than just you just setting it and forgetting

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it because it’s complex and it changes.

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And yeah, that’s, I definitely would agree that when it comes to taxes and bookkeeping,

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it’s usually worth it to spend the money. Yeah.

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One part of the government you don’t want to mess with is the sales tax agency.

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Franchise tax. No, sales. I don’t know about franchise tax, but sales tax,

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they will come after you. Oh, yeah.

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They will, man. They are hard. And it’s complicated. Don’t ask me how I know that. I just know.

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So, yeah, I think that’s one area that not only is it really worthwhile,

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it typically isn’t that expensive.

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Right. Sure. You’re right. If you look at the cost of having a bookkeeper and

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paying an online service and so forth, it is a fraction of your total expenses.

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It is interesting how many people think that’s where they need to cut just because

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they sort of can or they think they can.

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Or they think they can do it themselves. I think that’s the biggest challenge,

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especially for a small business getting started.

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Like, oh, I can do this or my wife or my partner.

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That’s another point, though, that I think is relevant to talk about is…

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How much can spouses do accounting?

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Yeah. How much do you expect of… Do you value your relationship?

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Yeah. Do you value your marriage?

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What I was going to say was those moments where you say, I am in charge of everything,

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but what are my aptitudes?

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Like if my aptitude is sales, will I grow at the same rate as if I’m spending

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time doing accounting versus the money that I could make if I am purely doing

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sales and paying someone else whose skillset is accounting.

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And when you are in charge of everything, it can be so difficult to be like,

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well, it falls under my thing, so I have to do it. And that’s not always the case.

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And here’s another inclination that I think people who are in that situation

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have that are experts or are incredibly talented at something like sales or like,

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you know, if you’re a chef or if you’re a lawyer or if you’re whatever,

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and then you say, okay, well, you know what?

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I’m going to go learn how to do accounting.

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I’m going to go learn how to do this other job. And all you’re doing is you’re

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shoring up one of your weaknesses to become at best average.

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And if you think about the most successful people in

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the world none of them got made it

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big because they were kind of a jack of all

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trades and average and everything right they did it

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because they sunk in and dug in to what

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really makes them good that’s a really really good point and i would see that

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all the time right like do what you do good and that you really enjoy doing

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for the most part that you’re good at and then hire somebody to do the rest

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people yeah you will grow faster that Which really brings me to my first thing

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that I would say, don’t cut,

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is don’t cut on your people. Yeah.

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Your staff is your business.

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I think that’s, especially right now. I mean, always, forever, it’s been that way.

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But the world is changing, right? I’ve talked to numerous business owners,

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and it is kind of hard to retain good people.

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So you’re right. Without your people, you’re nothing.

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And the cost to replace somebody can be detrimental at times,

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you know? And plus the risk, I mean, you can go through several people and they’re

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hurting your business all the way along.

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So what are some ways can you compensate? How do you, I mean,

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because you can’t just keep giving raises.

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Right. So what else can you do? I mean, so what I’d say is that that investment

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in your people isn’t just making sure that they are paid well,

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which they need to be, but that you spend time with them.

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That you are constantly making sure that you guys are aligned,

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that you’re listening to them, they’re listening to you.

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Really sitting down with all of your staff and saying, this is my vision.

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This is what we want here, you know, and trying to affect that culture. I would even… So…

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What I would call that is access because, you know,

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we’ve seen there’s, you know, a million situations where you have unpaid internships,

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but what they’re getting is exposure to something that they otherwise would

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not have unless they had a friend doing them a favor or, you know, doing work for free.

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And if you already are in a paid position, but you get further access to,

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OK, this this system or this is how this works,

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even without a immediate monetary compensation, that really does help people

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who are career minded to figure out like, all right, well, now I have some experience doing this.

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And I know that, you know, that could be taken as like, oh, well,

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you know, just pay someone an experience, which, you know, you don’t want to

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do that. You don’t want to pay photographers an exposure.

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No pun intended. It was totally intended. But if someone is already a part of

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your organization, they understand the influx,

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they understand that you’re not in a position for the current sales to hike up their salary a bunch.

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I think access and more connection to the internal processes shows I want to

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share value and also I trust you.

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And then soon, instead of just having employees, you’ll have little mini versions

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of you that can go start their own franchises.

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Well, you bring up some interesting. I was listening to a podcast the other

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day, and they were talking about the current state of…

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Community in the united states right like more and

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more people are relying on work and their spouse to create

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their community and and be all right like

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yeah where you’re spending your time and wait as opposed to what

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but less people are going to church less people are going to like you know community

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activities to get that sense of community right okay so my point is that is

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a trend that we’re seeing so make your people feel in part of something special you know Yeah, yeah.

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Or after you’ve been married for 26 years, you can’t stand anybody else anyway.

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So you just kind of fold into your own cocoon.

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Isn’t that why that’s supposed to work? Well, you like go together into it? Yeah.

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And you’re like, we don’t, we just can’t stand anybody else.

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Like that movie I just watched last week?

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Four Seasons. Have you guys seen Four Seasons? No.

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The Alan Aldo original, Tina Fey new. Okay. I’ll just throw it out there.

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Well, the point that you made is typically having a vision doesn’t cost money

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and it ends up being beneficial to ever.

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Like if you’re we’ve all been a part of organizations that did not have a vision

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and it’s scary and you’re like, I don’t know what’s going on.

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Even if you’re getting a paycheck, you’re like, what?

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There’s no vision here versus being a part of some league or some band or something

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that there’s a clear vision.

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You go, all right, well, this isn’t paying off right now, but I see the vision and I’m going.

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So as business owners, if we are in a position where we don’t have a lot of

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money, make sure that you have a vision. I like that.

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So that people are confident, like they, you know what I mean?

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They’re, they’re, they’re buying in versus like, you know, I think I’m going

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to keep my, my, what’s a good, Indeed profile today or something. You know what I mean?

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My, my wife’s mom works for a large company here in Houston and they,

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you know, she works hard, but they get, they have a lot of perks.

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Like she gets Astro tickets, like good Astro tickets and some other stuff.

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And so she really loves being able to take us and the people.

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So that’s a huge extra perk. I know, I guess that at the end of the day,

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it does cost money, but for the business, if they’ve already got the season

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tickets, it’s a sunk cost.

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So gifts, do we like gifts or like you said?

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Yeah, for sure. For sure. So where can I save money in my, if I’m running a business?

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Well, I know that the last time, so I’ve owned businesses and we did.

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So one of the things that’s like the bane of our existence has been stocking bathroom supplies.

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And it’s bathroom supplies are, especially if you don’t have a lot of space,

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they are, you’re constantly having to update it, like restock,

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but you won’t always have.

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You can’t always stockpile it.

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Recently, so one of the problems with a business that I was running was the.

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Paper towels, they were in a dispenser. And when you pulled the paper towel dispenser, it,

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like if your hands were wet, it just pulled off a piece of the paper towel and

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people would just flick that into the sink and wash it down.

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So we’d have a situation where it would just keep like building up in the sink

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and like, and it was, you know, it was costing money to get it unclogged. It was costing money.

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And we ended up just putting, instead of

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putting the things in the receptacle we just

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set the paper towels out we just put

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put them in a stack and that

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seemed to solve the problem now you know

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i don’t know that’s not to say that people are

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spending a lot of money at paper towel holders but so everybody just

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take your paper towels that’s right just don’t take them

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out of the dispenser yeah and you’ve you’ve saved

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solved the problem but uh no yeah don’t do that but today’s nugget

00:13:11.089 –> 00:13:14.009
of information it is not today’s nugget but i i’m

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saying that in terms of we we

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kind of had to think outside of the box of like what we expected the bathroom

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to look like in order to be able to save money and we didn’t save money on like

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maintenance but so where can we save money we’ve got you’ve got cost of goods

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sold typically you know your your product, right?

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If you’re selling a product, if your restaurant’s food, things like that,

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you’ve got your rent or mortgage.

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You’ve got advertising expenses, typically, labor expenses.

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What else am I missing? Administrative, like legal? Yeah. Accounting? Utilities.

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Utilities. Yeah. Utilities. So where can we cut money?

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So one of the things that you said in there, and I know everybody thinks they

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do it well, but I’m not sure that everybody does it as well as they could.

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Rent, you can always ask to go down. It’s true.

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Hey, look, don’t sue me over this, but I will say the number of times you could

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go to your landlord and say, hey, I’d like to lower my rent,

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there’s no negative consequence to them saying no.

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That’s 100% true. You don’t know until you ask.

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If you’re talking to your suppliers, cost of goods, you have a restaurant and

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you have a Coke distributor, ask for a break.

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That does not hurt to ask. If they say no, fine, you’re still paying the same price.

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They’re not going to jack the price up on you. So that would be my first tip

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is to always ask for a discount.

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Just don’t go ballistic if they don’t have one. Hey, man, it is what it is.

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I haven’t been in a situation where I was able to save money not doing business

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internet and instead just doing a adding a line on my cell phone.

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Oh, yeah. So, I mean, that depends on the business you’re running.

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If you’re running a, you know.

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Yeah, but business utilities can be a lot of money. Oh, yeah. Yeah.

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And if you’re a business owner, you are getting constant messages from internet

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providers asking to have meetings and stuff.

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And, you know, if you are running a VR arcade or you’re running some kind of

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insurance company that needs constant connection to the Internet,

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yeah, it’s probably smart to get some heavy duty connection.

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But if you are doing one point of sale transaction,

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you know, like if you’re spending 30 minutes doing a point of sale transactions and then that’s it,

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like if you’re a restaurant, if you’re not doing them constantly,

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it might be better to just, you know,

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connect via phone or device. All right. Let me ask you guys this.

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Under what circumstances might I choose to cut back or even stop my advertising for new customers?

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It’s a great question. Enlighten us. I know. All right. Go for it.

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With, if, well, if you’re doing well, I mean, if you’re actually bringing in revenue, that’s one.

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I might argue if you’re bringing in good revenue, that’s the time to advertise

00:16:35.115 –> 00:16:37.335
because you have that luxury. Oh, sure.

00:16:37.575 –> 00:16:43.615
Yeah. Yeah. I would say if your cash flow is getting tight because cash is king

00:16:43.615 –> 00:16:49.115
and a local business, just like I talked about that owner,

00:16:49.715 –> 00:16:55.035
they go home, they make their money based on how much money you make above your

00:16:55.035 –> 00:16:57.135
costs. and that varies every month.

00:16:57.295 –> 00:17:03.295
So you have to pay that person that’s working for you whatever hourly wage you agreed to.

00:17:03.555 –> 00:17:08.415
You don’t have that luxury. You get whatever’s left over. And so if you’re finding

00:17:08.415 –> 00:17:10.435
that your cashflow is tight.

00:17:11.293 –> 00:17:19.193
But you have a pretty good feel that your customer base is pretty strong,

00:17:19.453 –> 00:17:21.033
repeating customer base.

00:17:21.233 –> 00:17:25.033
So, you know, for most restaurants, it’s a minimum.

00:17:25.233 –> 00:17:29.173
You need a minimum of 60% to 70% returning customers to make that work.

00:17:29.173 –> 00:17:31.493
So you need to be higher in that if you’re higher than that.

00:17:32.113 –> 00:17:36.413
And you can see a, hey, I need to get through to this period.

00:17:36.413 –> 00:17:43.253
So you can time box it to say that once I get here, then I should be able to

00:17:43.253 –> 00:17:44.913
make a decision, am I moving forward or not?

00:17:44.973 –> 00:17:49.373
I would say you can pull back on your new customer advertising.

00:17:49.553 –> 00:17:52.953
New customer advertising is so expensive. Yeah, that’s a really good point.

00:17:52.953 –> 00:17:58.373
And just to kind of add to that or go with that, I’ve seen this happen a million times.

00:17:58.373 –> 00:18:03.153
If you’re taking out an advertising campaign because things are really tight

00:18:03.153 –> 00:18:09.713
and you’re like, this is going to make everything work, that’s red flags.

00:18:10.073 –> 00:18:10.853
You’ve got some problems. Yeah.

00:18:12.673 –> 00:18:17.233
Especially if you’re an established business and you’re counting on new people

00:18:17.233 –> 00:18:22.373
coming in and that’s the only way you’re going to succeed, when that well kind

00:18:22.373 –> 00:18:26.033
of dries up or if it dries up, you’re going to have some fundamental problems.

00:18:26.033 –> 00:18:32.673
So you really need to invest in how do you keep your existing customers happy.

00:18:33.133 –> 00:18:36.833
And the beauty of that is it’s so cheap, right?

00:18:36.953 –> 00:18:40.913
The cheapest thing you can do is ask everybody for their email and then,

00:18:41.333 –> 00:18:44.513
God forbid, send an email out a couple times a month. Yeah.

00:18:45.273 –> 00:18:49.673
Why turn on the motor if you’ve got wind in your sails, you know?

00:18:50.273 –> 00:18:53.573
Yeah. I was really thinking I wasn’t going to go with that analogy,

00:18:53.573 –> 00:18:56.493
but I think that’s actually a good one. I don’t know anything about boats.

00:18:56.673 –> 00:19:00.453
Do sailboats have motors in sails? Sure. Okay. If you’re smart-

00:19:01.562 –> 00:19:06.982
Well, I was going to say airplane, but they use the airplanes and they use the

00:19:06.982 –> 00:19:10.662
engine in the air, right? Sorry. You’re an airplane man.

00:19:11.262 –> 00:19:14.262
Yes, that’s what they call me. Airplane man. Airplane man. Yeah.

00:19:14.442 –> 00:19:16.122
It’s like Encino man, but different.

00:19:16.382 –> 00:19:22.302
Did you guys see the crew of four people who rode across the Atlantic Ocean

00:19:22.302 –> 00:19:24.342
from New York to London? Recently?

00:19:24.722 –> 00:19:27.962
Yes. No. Took like 57 days.

00:19:28.422 –> 00:19:33.482
They rode? With a rowboat. Row, row, row. Oh, like road. Wow.

00:19:34.142 –> 00:19:37.342
Are they okay? Yeah. They did a great job. I mean, it was amazing.

00:19:37.502 –> 00:19:41.022
I watched them on TikTok the whole time because every day they would post.

00:19:41.542 –> 00:19:45.802
I bet they got a ton of- They raised money for- They’re vets,

00:19:45.922 –> 00:19:48.222
not the cats, but the military.

00:19:48.882 –> 00:19:53.222
And so they raised money for veteran causes and raised- Hold on.

00:19:54.982 –> 00:20:00.242
Someone rowed in a rowboat from New York to London? Yes. Wow.

00:20:00.742 –> 00:20:06.662
And I, all right, I assumed, how long does that take? It was like 56 days.

00:20:07.062 –> 00:20:10.442
So that’s over, it’s about two months. Yeah.

00:20:11.042 –> 00:20:14.262
Did they eat on the boat? Oh yeah, they had to. Yeah, they took everything with

00:20:14.262 –> 00:20:15.622
them. They got no assistance.

00:20:16.322 –> 00:20:20.122
Okay, and they just, they pooped on the boat? Well, you pooped on the side,

00:20:20.282 –> 00:20:24.062
you know? Yeah, it’s a big ocean. Yeah. Okay. But what about sharks?

00:20:24.502 –> 00:20:29.982
Well, they’re in a boat. They didn’t poop the sharks. What happens if there’s a hole?

00:20:30.242 –> 00:20:35.302
I’m sure they had a way to get like I don’t know how much backup they really had.

00:20:35.502 –> 00:20:41.322
I mean, they were you know, I think maritime, you always have like there’s a lot to it. Right.

00:20:41.502 –> 00:20:47.002
And with with our modern communication stuff, I think they probably could have gotten help. But.

00:20:48.940 –> 00:20:51.780
Coast Guard, I’m in an emergency. I need help. My boat’s going down.

00:20:51.960 –> 00:20:57.000
Okay, where are you? Well, I’m in between London and New York.

00:20:57.160 –> 00:21:00.820
That’s right. I’ve been rowing for 12 days. Yeah, it’s cool. Look it up.

00:21:02.340 –> 00:21:07.940
I’ll get back to you on the exact name of it, but… I’m sure they didn’t cut

00:21:07.940 –> 00:21:12.540
any budget when it came to the quality of that boat, but… Wait.

00:21:13.140 –> 00:21:14.640
Are we going to row somewhere or something?

00:21:14.880 –> 00:21:18.360
Like, what are we… Yeah, did you not get that email? god no

00:21:18.360 –> 00:21:22.160
no we’re gonna go no no

00:21:22.160 –> 00:21:24.980
no well i’m up for a challenge but it’s not

00:21:24.980 –> 00:21:31.740
that one yeah be smart but be frugal it’s not easy being a local business but

00:21:31.740 –> 00:21:39.360
now more than ever we’re gonna see success stories so and cash is king cash

00:21:39.360 –> 00:21:44.660
is cash is like you gotta watch your cash flow so if you’re if the cashflow is negative,

00:21:45.040 –> 00:21:49.440
doesn’t matter if it’s a little bit, it’s sort of like your diet calorie deficit.

00:21:49.880 –> 00:21:53.740
It doesn’t, you know, I, I listened to a lot of people and they say,

00:21:53.840 –> 00:21:57.340
Oh, you know, it’s not really about how much you exercise. It’s about how much you eat.

00:21:57.860 –> 00:22:06.300
I’m like, look, it’s, it’s about, is my total calorie deficit negative or am I at a calorie surplus?

00:22:06.480 –> 00:22:09.320
That’s it. That’s the only thing that matters. Cause if I’m negative,

00:22:09.800 –> 00:22:10.920
eventually I will lose weight.

00:22:11.120 –> 00:22:15.480
If I’m positive, eventually I’m going to gain weight. If your cash flow looks

00:22:15.480 –> 00:22:20.360
that way, if it stays negative, you need to shore up and make sure because the

00:22:20.360 –> 00:22:23.080
one way you won’t have any business is to not be in business.

00:22:23.520 –> 00:22:25.880
Wise words. Have a great week, everyone.