Cornerstone Events Maximizes Returns on Spending One of the often overlooked cost-saving strategies in business is to maximize the benefits of spending, rather than reducing it. Certainly, cutting costs is a beneficial and often necessary activity. However, a better first approach may be to use unconventional benefits like credit card rewards in order to make spending more efficient. We have been doing so at Cornerstone Events and, so far, it seems to be working. Many business credit cards offer rewards for spending. However, most businesses only use them for a limited number of expenses. One way to get more out of the money you spend is to use your credit card more to increase the number of rewards your business receives. Try focusing on recurring expenses; for example, use a credit card to pay utility bills or to purchase team dinners. You can also consider less conventional expenses like big ticket items. There is an assumption that credit cards shouldn’t be used for items like office furniture, but this certainly isn’t true. Develop a plan that will maximize the amount of rewards you receive. Funnel those rewards directly back into the business. For example, if you are earning air miles, you can use them to cover some or all of the costs of travel. In doing so, you will be reducing your expenses by maximizing the returns on your spending. It may be an unusual strategy, but using credit card rewards to maximize returns is an easy-to-implement method of streamlining expenses. In the short time since we applied this strategy at Cornerstone Events, we have already cut spending by earning usable rewards from our credit card. The post Cornerstone Events Maximizes Returns on Spending appeared first on Cornerstone Events, Inc.
Posted on: Mon, 22 Dec 2014 18:45:53 +0000
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