As a small business owner, you need to be 100% sure that you’re doing everything in your power to pinch every penny, stretch every dollar, and make sure that all of your cash – going in and going out – is accounted for.
A lot of small businesses that are kind of teetering on the edge would be able to dramatically improve their situation just by paying closer attention to their books, hunting for waste and fat to cut an effort to save as much money as possible.
At the same time, there are definitely some “hidden areas” that allow small business owners to find pockets of profit that didn’t exist previously – as long as you know exactly where to look. We’re going to show you a couple of quick tips and tricks to help you boost your business almost overnight, cutting costs and pumping up profits at the exact same time!
Let’s dig right in.
Take a closer look at all of your hardware
There are a lot of businesses that have far more expenses than absolutely necessary, especially if these are existing businesses that haven’t really modernized quite as quickly as they could have or should have.
Technology has really cut the cost of doing business significantly, in many ways by dramatically reducing the amount of hardware that you need to purchase and maintain by replacing those physical items with software or the Internet.
Look at all of the hardware that you use on a daily basis to determine if you really need it or if there are cheaper services online or on your computer that you can take advantage of to get the same results at a fraction of the cost.
What do your bills look like?
Too many business owners are operating without any real concept of their books or their budget – and that’s not a place you can afford to be when you’re looking to optimize your business, cut costs, and increase profitability.
You need to look at each and every one of your bills (recurring bills as well as one off bills) and try to see if you can find ways to pare them down and really save as much money as possible. Recurring bills should be renegotiated with service providers to find a better price or better terms, and one off bills should be renegotiated just as aggressively – if not more aggressively.
You’ll always be able to knock things down at least a little bit and give yourself a little bit of extra breathing room.
Advertise to customers you already have
The most expensive thing you’re ever going to do as a business owner is convinced a complete and total stranger to hand over their hard-earned money to you, but once you get them to take that leap and become your customer it’s almost effortless to get them to purchase from you again and again and again.
Don’t make the same kind of rookie mistake that a lot of other business owners make on a daily basis, the kind of mistake that kills more businesses and anything else. You need to spend as much time advertising to customers you already have as you do to new prospects, especially since it should cost you a fraction to get more sales coming in.