Administrative Cost Saving Tips-Dining Out

Pick up a newspaper, turn on the radio, and turn on the evening news and what will you see and or hear. We are still in an economic crisis and in the midst of financial restructuring. It isn’t just on American shores either. The global economy has been affected as well. So companies large and small have been taking a look at ways to cut cost in small ways. Even the smallest change can positively affect the bottom line.

The “bottom line” counts whether you’re a major corporation or a housewife trying to manage her household finances. So companies all over the world are cutting back. Problem with the need to cut back is that clients and prospects still expect the same level of service and “wooing” if you will.  A large part of the business of gaining new business is done over a meal. Also many times executives choose to hold major business meetings over lunch, cocktails, and dinner. These tabs or dining bills may not be as large as other expenses, but they do affect your bottom line. Every dollar your company spends will have an effect on your bottom line. Because dining out is a large part of doing business and gaining business, AEAC believes your organization should consider cost saving tips for dining out.

AEAC feels that there are two major ways companies can save money while “Dining Out” without compromising on the standard your company has set.

1. Sign your executives up with companies like OpenTable or DinersClub.  Any services that allow its users to receive points and discounts for frequent dining. Open Table specifically is very Admin friendly (in our experience). You can work with your Administrative Professional to book all of your lunch and dinner meetings through them. Similar to frequent flyer miles, you will accumulate points that you can use towards free dining and discounts. Check it out and see if it works for you and your organization. If so you may find it a cost saver and a valuable resource.
2. Vendor Negotiation is also a viable option. When you want to entertain a client, meet with a prospect, or brainstorm with a colleague. You normally do so at a nice restaurant. Specifically when it comes to clients and prospects you want to entertain well, while striking the balance between appearing successful and being budget conscious. A way to do this is work with your admin/admins to negotiate discounts with local restaurants in exchange for being your company’s restaurant of choice. We suggest picking a restaurant of each cuisine i.e. American, French, Italian, Seafood etc., so that you have a variety of options. Before you contact any restaurant managers you should have the following information: how many executives in your office, how often they dine out, what the average check or bill has been (review past expense reports), and the percentage of your business you are willing to give to them. Also have in mind what level of discount you are looking to receive.

Remember every dollar counts, when it comes to your bottom line. So work with your Administrative staff to find ways to cut back without cutting out all the perks, and means by which you generate new business.

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