One of the ways you can make more money is to decrease your expenses. Check out some of the questions to ask yourself below.
Questions to ask
Make a list of all the expenses you make on your business credit card and separate them into categories. Evaluate which expenses you should keep, and if you’re struggling, these questions should help.
- Is this a service or product that I am utilizing every month?
- Does an annual subscription make more sense? Often times, annual subscriptions save two months of the cost.
- Does it make sense to pay for this level of service? Look into free or cheaper alternatives.
- Can I cancel the service? Do I use it anymore?
Other ways to cut expenses
If you justify some expenses by saying “it’s only $25 a month!” remember that comes out to $300 a year.
One way to cut expenses is by salaries. We all agree employees should be paid living wages with appropriate benefits, but are your staffing assumptions based on old data? As business models change, some skill sets can be adjusted or moved to better fit your customer’s buying behavior.
Another way is through rent. Rent is likely the highest expense your business currently makes. How much do you earn per square foot? Can another smaller location fill your business’s needs? If customers are paying for parking, moving to a place that allows for free parking is a great idea as well.
Inspiration for this post came from “Make More Money,” by Gwen Bortner published in the June 2021 issue of American Quilt Retailer.
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