Always a cost cutter, I couldn’t resist a cute little article in the Wall Street Journal about four companies and their cost cutting ideas. One company had implemented a new GPS system to save money on fuel expenses when drivers got lost (the company also saved money on cutting down idling time as well as fuel use in general by reducing speed). A bank cut its office supply spend (okay, that one isn’t so clever particularly for this audience). A third company moved from rented office space to a virtual office solution. But the most creative solution came from a jewelry store that instead of using real jewelry for its models and displays, made of precious metals which had skyrocketed in price, (the precious metals markets look a little different from the base metals markets) this store opted for silver-plated bands instead of platinum bandsÃ‚Â and cubic zirconium stones in place of diamonds.
Pretty clever because the jewelry owner, George Falzon, of G. Falzon & Co. saved $75,000 in inventory costs by modifying his display cases to use the alternative materials. I wonder if he called his insurance broker to get his property insurance premium adjusted?