CCBA Feature
Reducing Business Costs in Q2 What Your Competitors & Clients Are Doing
By Daniel J. Machon, Jr. President and CEO of Benchmark Federal Credit Union
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s we navigate Q2, the cost of doing business continues to rise across Chester County, the region and nation. For many, a budgeting process that typically occurs annually should now be revisited quarterly or even monthly to keep up with market fluctuations. I’m seeing this across the board – from the law firms we support with IOLTA accounts, to small- and mid-sized businesses, as well as nonprofits and personal wealth management. Which costs are worth reducing and which reductions can pose a risk to your reputation? As the only federal credit union to exclusively serve Chester County, we are particularly attuned to the ripple effects of such financial decisions.
Cost of goods & services Across all industries, it is widely accepted that businesses are closely watching their bottom lines right now. However, law firms continue to be viewed as a profitable industry. This perception can be especially true for your vendors. We recommend that office managers and administrative staff accelerate price monitoring, price comparisons and negotiation when it comes to purchasing goods and services. Findings should be
10 | New Matter
