In this week's issue...
Why We Do This
Every business has a stack of bills it pays on autopilot... payroll, benefits, insurance, utilities, merchant processing. Nobody questions them, and that's exactly why they creep up
Here's the thing: a dollar saved on overhead is worth more than a dollar of new sales. There's no cost to win it and no margin to give back. It drops straight to your bottom line, and it keeps coming back every month after that
So what would you do with it? For some owners, it's finally taking that family vacation 🏖️ For others, it's a new hire, a new location, or the project that's been on the back burner for too long
The money is usually already there. Here's where we found it just this month:
Card processing hides in plain sight. This week, for one insurance agency, a fresh look at merchant processing turned up more than $17,000 a year in potential savings. Nothing about their operations had to change
Timing matters as much as price. A client was ready to switch workers' comp mid-policy, until we found that canceling early would trigger a short-rate penalty of about $15K. The smarter move was to wait and shop it at renewal
Read the renewal clause. One client's payroll contract renews automatically each year. Missing the window locks you in for another 12 months 🔒
Your homework this week: pull your last three months of statements for processing, phone/internet, and insurance. Then write down each one's renewal date and set a reminder 120 days before it. Most owners can't name those dates, and that's where the money leaks 💧
Whatever your "why" is, it's worth another look. And with no savings, no fee, you've got nothing to lose: https://cal.com/joe-erc/30min
Last Call: Bring Your Bill Is Tomorrow Night @ East Rutherford 🍻
Round 2 is tomorrow! Stop by for a drink on us and let us take a look at what you're paying
Thursday, Oct 15 · 6–8 PM (come anytime)
The Union Bar & Provisions · 170 Union Avenue, East Rutherford, NJ
Complimentary drinks + a free bill review!
Bring a statement, contract, or service agreement... or upload ahead of time. You'll get professional feedback in 2–3 days. It's free, with no obligation.
Bringing a colleague or a fellow business owner? The more the merrier!
This week on the podcast - Marc Freedman, CEO of Expense to Profit
The expense reduction market is huge. So huge, in fact, that we decided to bring a fellow expense reduction professional onto the show. Why? Because you shouldn't just be hearing from us. We want you to see the 360-degree landscape of cost control
Marc Freedman operates in the same contingency-based space we do, but he tends to focus on larger enterprise clients. In this episode, we swap stories, demystify the industry, and address the elephant in the room: why do owners think shared-savings models are "too good to be true"?
We cover where business owners leave the most money on the table (hint: it's not just labor and COGS)
We also talk about the internal silos that kill profit. Does your logistics person file quotes away while bookkeeping blindly pays the final invoice? You aren't alone!
If you’ve ever worried that renegotiating will burn your vendor relationships, you need to hear this episode. We explain exactly how to be the "bad cop" without losing your key suppliers 👮♂️
Tune in to discover the number one reason business owners overspend, and how just 15 minutes of your time can increase your top line! 📈
Onwards and Upwards,
Joe Lapscher
Partner, ERC
Why you're getting this:
You're receiving this because we've met at a networking event, worked together, or signed up for my newsletter online, which I really appreciate.
I send 2-4 emails a month with practical thoughts on expense reduction, plus the occasional heads-up on something like this BYB happy hour. I respect your time and inbox.