1️⃣ Get Multiple Quotes: Even if a quote looks good, I always get at least three! This gives us leverage to ensure we’re getting the best deal. 2️⃣ Negotiate Beyond Price: I like to look beyond just the cost—I’ve asked for faster shipping, bulk discounts, negotiated return rights, and more favorable payment terms, all of which impact cash flow. 3️⃣ Consider Reverse Auctions: When I have a lot of leverage, I use reverse auctions, where vendors bid for our business. This can drive prices down and help us get the best offer. 4️⃣ Negotiate at Quarter-End: I plan ahead and time negotiations around the vendor’s quarter or fiscal year-end, when their sales teams are eager to hit their targets. This has led to better deals and incentives. 5️⃣ Build Relationships: This is especially important for growing companies! I focus on building strong vendor relationships, which open the door to better terms, discounts, and increased flexibility as the business grows. What tactics have worked for you?

Hey everyone! Last week, an entrepreneur who owns a chain of barber shops asked me, “What is gross profit, and how should I think about it for my business?” So, I put together a quick video where I break down: • The basics of gross profit • How to calculate it • Why it’s crucial for your business • Plus, some high-level strategies to improve it 💰 👉 Watch the video to follow along step by step! If you’re looking to strengthen your bottom line or get a clearer picture of your financials, this is a perfect place to start. Let me know if you have any questions—I’m here to help!

Need a new car? Want to reduce your tax bill? Myth: You can only take bonus depreciation on new cars used for your business. Fact: You can take bonus depreciation on a pre-owned vehicle as long as it’s new to you! Bonus depreciation is a tax incentive that allows you to deduct 60% of the purchase price of the vehicle in the year it is placed in service. PRO TIP: Make sure to document everything properly and ensure the vehicle is used predominantly for business purposes. Do not spend cash only to save on taxes, only use this when you need a new car. The Math: You're in the 24% tax bracket. When purchasing a $50K vehicle, the 2024 deduction would be 60% or $30K in year one. 24% of $30K = $7K tax savings.