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Pitfalls in Cutting Costs

4/25/2013

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Whether we care to admit it or not, there comes a time in every business where you start to feel the pinch. When you are running low on cash you start to look around at things you can cut from your budget. Be careful when you’re making cuts though – decisions you make during lean times will affect you when things get better. We’ve talked before about smart ways to cut costs, today we’re going to talk about how to avoid common mistakes in reducing expenses.
  • Cut Hours, Not Employees – Sure, this isn’t likely to make you anybody’s best friend, but your employees would much rather get a reduction in hours (or even a reduction in salary) than get fired outright. Bear in mind that layoffs take a toll on employee morale, reducing the productivity of the employees you do need. When your cash flow does improve, you can just provide more hours to your already-trained employees, and can skip the time-draining process of training a new hire.
    ​

  • Keep Customers Happy – When times get tough, it may be tempting to reduce the amount of money spent on services provided to customers – but it’s your customers that are going to bring you back in the black. Find places that customers will not notice to trim your budget (changing your credit card processor, renting cheaper/less equipment, etc.), and keep your customers happy!

  • Don’t Stop Marketing – Marketing your business during down times may seem like an extravagance, but it’s the only way to make sure your name is still on everybody’s minds. Since customers are choosier than ever during economic slumps, advertising can make a bigger impact than ever.
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Looking Beyond the Bottom Line on your Profit and Loss Statements

4/2/2013

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Running your small business is no easy task – and when you have a million things to do at any given moment, you tend to look for the bottom line. How much will that cost us? How much will we make? So maybe when you go to review your profit and loss statement you don’t take full advantage of everything it’s really telling you. Below you’ll find some tips on what to look for to make sure you get the most out of your statements.
  • Respond to Fluctuations in Sales– Everybody can anticipate to a certain degree how their business will react to big events like holidays, but let small trends fall through the cracks. Looking at the data, you may notice that the performance of certain products or services you offer hanges fluctuates in predictable ways. Knowing when demand for your business will be high will help you prepare to meet that demand and Increase your overall profitability
  • Check Your Expenses – Your profit and loss statement will show you not only how much you’ve made, but how much you’ve spent to make that money. Compare profit and loss statements from quarter to quarter to make sure that you understand any increase in expenses. This will also give you a chance to evaluate whether or not it is possible or necessary to omit any expenses from your bottom line.
  • Continue Growth – Of course your bottom line will tell you if you’re profitable now, but it won’t tell you whether that growth will continue. Much like checking in on your expenses, looking at your profit and loss statements over a period of several quarters will give you an overall idea of the “health” of your business and allows you a chance to course-correct if necessary.
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