In any business, cash is king. Making, and keeping, that cash can be the problem. Follow these tips to make the most of your money.
Ask for help. Delegating tasks in the most effective way is easier said than done, but it’s amazing how far a little reflection can go in your business. Take two weeks and keep a journal with everything you had to do that someone else could have done, and any question you had to answer that you shouldn’t have had to. After two weeks the answer to making the most of your time (and time is money) will be obvious.
Stick to your guns. The next time you budget, chose a dollar amount for every line item and then refuse to go over it. Download an app to help you stay on track—like Mint—that links to your bank account and shows where you’re spending your money. If you’ve never kept data on your expenses, be ready for a wake up call. Numbers don’t lie though, and sometimes a wake up call is necessary. The app will send you alerts when you’re approaching your budget and tell you when you’re spending too much on something.
Purge, baby, purge. After sticking to your budget, check for ways to cut costs. The ways you can save money begin to be pretty apparent after using a data-driven budgeting app; start making those changes effective immediately.
Weigh your UPS and FedEx packages. You’d be amazed when you start doing this yourself how much you’re overcharged. Of course this isn’t the only money saving tip, but as our stores are inventory-driven, this is one process you could add that may end up saving some big bucks.
Use your resources. Chances are you’re a member of a trade association, but when was the last time you logged in and checked out what options are available to you? Save (and actually read) the next email blast or promotion you receive from them as a reminder to take a minute and peruse new ways to use your association membership.
Take your time. Money can be one of the most anxiety-inducing parts of our lives. If you’re hesitant about making any of these changes, sleep on it. If when you wake up (and after you’ve weighed your options) you realize the pros are greater than the cons, follow through. Change isn’t always a bad thing, especially when it saves you hard-earned cash.
If you have had any success making a change in your business, and reaped the benefits financially, we’d love to hear about it! Contact American Quilt Retailer through our Facebook page today.
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