Now these may all seem logical but I was too busy processing work to take the time to review my operating expenses to come up with cost reductions. The greatest cost saving came from reviewing my telephone and Internet expenses. We were spending approximately $3000 per month. By changing my telephone carrier and renegotiating my Internet plan with my Internet service provider, the monthly bill dropped by $2000. Read the rest of this entry »
I did an interesting exercise recently as part of an overall review of my business. On advice from one of my closest business mentors I set out to see if I could cut my business overheads by 20 per cent without affecting the way my business runs. That means I wanted the office to look smart and presentable, all the equipment to stay the same, the level of customer service to stay the same and the end quality of our products to be the same. Read the rest of this entry »
Many business owners stop marketing when their business gets busy. Then when their current workload eases they start marketing again. This stop–start approach to marketing is not ideal and it makes it much harder to build a business in a systematic and planned manner. Read the rest of this entry »
. Sales are pretty good but getting the money in is the hard part. If you are spending too much of your time juggling funds you have probably got a cash flow problem and this can be distracting for business. Read the rest of this entry »
It was actually costing me $30000 to run my business every month and I was just making enough to cover the $20000 figure I had in my head—not enough to cover costs in reality. If I hadn’t picked this up it was only a matter of time before I went broke. Now I ask just about all of my clients if they know what it costs them to run their business and very few can accurately answer the question. Read the rest of this entry »