Savings Plan

96. Join an association. Many trade and business associations have reasonable membership fees and offer discounts on everything from insurance, travel and car rental to long-distance phone service, prescriptions and even golf course fees.

97. Be reluctant to give credit. If you do extend credit, thoroughly check the client's credit background, says Collins. For less-than-credit-worthy accounts, Collins advises considering the following actions: Collect cash in advance; send partial shipments; request letters of credit, personal guarantees and a pledge of assets; take out credit insurance; or think about factoring (see below).

98. Consider the factors. Factors-companies that essentially buy and then liquidate a company's accounts receivable-provide an option to tied-up money, says Collins. For more information, look in the Yellow Pages under "Factors."

99. Seek at least three bids on everything. Even mundane purchases merit shopping around. If you quote a competitor's lower price, a supplier or vendor will often match that price to win your business.

100. Consult Uncle Sam. Call your nearest Small Business Administration (SBA) office or Small Business Development Center for information on no or low-cost financing or growing a business. Also check out the SBA's Web site, which allows you to download numerous useful publications for free, at (http://www.sbaonline.sba.gov).

The SBA has also published a free magazine in conjunction with Pacific Bell, called Small Business Success, on streamlining your business operations. The 88-page guide (available by calling 800-848-8000) includes information on online marketing and keeping up with the competition.

Contact Sources

Aaron Rents & Sells, (703) 256-0654, fax: (703) 750-0789;

Anet Consulting Group Inc., (800) 611-0660, (904) 426-5194, anet@worldnet.att.net;

The Battery King, (800) 666-2296, BatteryExp@gnn.com;

Central Reservations Service, (800) 873-HOTEL, (http://www.reservation-services.com);

Coopers & Lybrand LLP, 1301 Ave. of the Americas, New York, NY 10019, (212) 259-3399;

Holmes Crouch, c/o National Book Network, (800) 462-6420, (408) 867-2628;

Dining á la Card, (800) 253-5379, (http://www.dalc.com);

HALT, 1319 F St. N.W., #300, Washington, DC 20004, (202) 347-9600;

IB Your Office, (888) 950-1700, (http://www.ibyo.com);

Insurance Information Institute, (800) 942-4242;

National Association of Trade Exchanges, fax: (216) 732-7172;

National Association of Temporary and Staffing Services, 119 S. Saint Asaph St., Alexandria, VA 22314, natss@natss.com.

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This article was originally published in the February 1997 print edition of Entrepreneur with the headline: Savings Plan.