You Can Make Money Two Ways

“You can make money two ways - make more, or spend less” - John Hope Bryant

In this blog we will look at Maximising your Profits through reducing Costs.

Currently business is getting harder and harder. We can all agree on that.

Recently we have seen increased pressure on businesses in terms of additional taxes, wages, energy costs, higher business rates, increased cost of living. The list goes on and on…

As business owners we have to make more out of what we have and one way to do this is by looking at your costs in detail.

Are there things you pay for that you no longer use, could reduce or could look at changing suppliers for a more cost effective product?

• Are you paying for a membership or Subscription you no longer use?

• Are you paying for an office you no longer use as you work from home?

• Can you reduce your insurance costs by working with another supplier?

• Do you feel like you are working hard just to pay for others?

We often do this at home but not in our businesses and when times are good, costs can spiral high and need to be refocused when times are tough. By reducing your costs you are instantly adding to your profits and your bottom line as every penny saved is a penny you don’t need to get through Sales.

List all your costs and categorise them into:

➢ KEEP - These are often overhead costs and essential to your business.

➢ REDUCE - These are things you could negotiate or look for better deals

➢ REMOVE - No longer needed or not essential

Have a go today and see how much you could save and make your business more resilient moving forward.