Shopping Can Pay
Sharon Koehler
Artistic Stone Design
Recently I saw a billboard for a local insurance company and the caption read “Change pays.” It was an effort to get the message out that if you switch to their company you could save money on your insurance. So the question is: Can you really save money by switching carriers, companies, banks and vendors? The simple answer is “YES.” So the next question is “Why don’t we?”
We, as humans, can get lazy from time to time. We like the status quo. Getting used to a new way, a new product or new people is not on the top of our To Do list. Things are fine and dandy just the way they are. Why rock the boat?
We need to leave our comfort zone, look around a little bit, do some investigating. Sometimes the status quo is good and we need to do nothing. Sometimes change can help you out and give you a little bit more money in your bank account at the end of the month.
Not too long ago I was in a local phone store getting some help with my company phone. Before the store rep started helping me, he looked up our account. He indicated that we were on an old plan and he could save us some money. Not only would a new plan be less expensive but we would get more data as well. I got stoked about that and thought that if our old company could help us save money, what might a new company do for us?
I did some googling and made some phone calls for clarity. I learned a lot about things I never cared about before like streaming, roaming, data and the cloud. But the end result was: a new phone carrier, more data, and saving $60 a month.
Vendors can work the same way. We are fortunate to be in an area where we have multiple stone vendors. If we need a bundle of anything, we can (and will) look around and find the best slabs at the best price. If vendor “A” has quality slabs for $18/sq ft and vendor “B” has quality slabs for $16.50/sq ft. then we can do a couple of things. We can either order from vendor “B” or ask vendor “A” to lower their price. Sometimes they do, sometimes they don’t, but either way, saving $500 on a slab bundle can come in handy when you are pricing jobs.
So on another front let me ask you this: “How’s your bank?” You started your account(s) with your bank many years ago. You walked into a brick and mortar building, sat down with a branch manager or some other representative and hammered out a deal for your accounts. That was fine back then, but what about now?
Online banks like Ally and Simple are giving brick and mortar banks a run for their money. Even if all you have are a couple of business accounts, it pays to shop around now.
Online banks may be the way to go. Because they don’t have physical “branches,” they may be able to do more for you than a traditional bank. And if you have a couple of checking accounts, possibly a business loan, a couple of financed vehicles or a line of credit, then you are in the driver’s seat when it comes to rates and services.
A bank that was good for you 10 years ago may not be the best deal for your business any more. It’s a competitive market in the banking industry right now. Take advantage of it. Shop around and see what’s right for you and your needs.
Times change: if your bank isn’t willing to change too, there is no harm in searching for better rates, terms or perks.
It’s not just slabs, phones and banks. Long-term relationships can get stale and we humans can get complacent. We had our same car insurance for 10 years. You would think that your agent would always be looking out for your best interests, but let’s face it: one agent can have hundreds of customers. That’s a lot of due diligence. There is no harm in calling your agent and asking him to look things over. We ended up saving $150 a month on auto insurance and getting better coverage. And all it took was a phone call.
Yes, it’s a hassle to change insurance, banks or even uniform companies, for that matter. Don’t get me wrong– loyalty is important in business. Supervisors and bosses need to be loyal to their employees, and vice versa. You need to be loyal to your customers and help them out whenever you can. Your customers need to be loyal to you as well. Vendors and businesses need to work together. Businesses and customers need to work together. Loyalty is a two- way street. It’s when it becomes a one-way street that you need to take a long, hard look. Shopping can pay.
On a side note, here is a little tip for you. These issues can carry through to your personal life as well. Following the trend, I personally switched my phone carrier for a savings of almost $80 per month. You might have to wait for the end of your contract but check with your new prospective carrier– a lot of times they will buy out your contract.
I did the same thing with my personal car insurance. I talked to my old company and they laid out what they would do for me. Thinking I could do better, I started investigating and found a good, reputable company that could save me $189 A MONTH! Two changes netted me over $250 a month in savings. Who can’t use an extra $250? Shopping can pay.
Sharon Koehler is a 10-year veteran of the stone industry, and currently head of marketing for Artistic Stone Design in Richmond, VA. She has been a regular contributor to various trade magazines for several years. Send your thoughts or comments on this article to sharon@artisticstonerichmond.com.