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Re: Squeezing every cent from every dollar...

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Steve Wargo
Re: Squeezing every cent from every dollar...
on Dec 15, 2007 at 7:39:31 am

I'm with Weenie on this one. It's way to easy too to let little things nickel you to death.

Raise your rates 10% or more. Offer a 2% discount for net 10 on your usual 30 day accounts.

Offer more perks that look big but cost almost nothing. We've started to give away 10 DVD copies of the finished product. This costs me around $20 bucks it's a big thing to clients and puts them a bit indebted to you.

Put out a monthly newsletter using Constant Contact or another service.

Sell off any older gear that is lying around.

Get a better deal on your insurance.

Announce that you're going to have a company brainstorming session to increase the bottom line for next year. Give perks to those who come up with great, implementable ideas. because some people are very shy, accept suggestions in private or in writing if necessary.

As insane as this may sound, I pay bonuses for getting the job done earlier and saving the client money. I pass this info on to the client and let them know that "Bob's" extra effort saved them money. A good client will understand that you are putting their interests ahead of making a few dollars and they will tend to lock you in and send you more work. This has worked amazingly well for us over the years.

When I had an automotive shop, I gave free brake jobs to all of my steady clients. At first, my mechanics thought that I was completely insane but how would you feel if your mechanic did this for your wife or parents? My customers could not wait to send everyone they knew to me and I made a lot more than I gave away. I gave the parts away and my mechanics did the work for free. It's amazing how much you can honestly find wrong with a car when you've got it up on the lift and the wheels are off. The free part included shoes, pads seals and labor. The parts cost about 25 bucks and it look about an hour. That is cheap advertising. Above anything else, it showed that we were ethical in a rip-off industry.

Get rid of any client that is not a positive asset to your company.

We spend $10,000 a year on lunch and dinner for clients. It goes under "catering" and is 100% deductible. It's funny how you can usually get another hour or two in production or post when the client has had a great lunch.

Steve Wargo
Tempe, Arizona
It's a dry heat!

Sony HDCAM F-900 & HDW-2000/1 deck
5 Final Cut (not quite PRO) systems
Sony HVR-M25 HDV deck
Sony EX-1 on the way.

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