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  • Writer's pictureAccounting Adviser

Cutting costs: maximizing results

Updated: Aug 21, 2020

Many small business owners will focus on how to maximize their revenues, sometimes, the best way in short term is to cut cost in order to maximize profit.

The following are tips we give our clients on how they can reduce their business costs.

1. Cut unnecessary monthly subscription fees.

Save money by reviewing your monthly expenses and removing any monthly subscriptions that are no longer being used or are not adding any value to your business.

2. Finding alternatives to reduce expenses.

Save money on certain monthly expenses like, telephone, internet, etc. Shop around for other service provider that can offer you better deals.

3. Increase Efficiency.

Optimizing productivity effectively lowers your cost of doing business. Wasted time equals wasted dollars. Use technology to your benefit. Technology allows us to do things more efficiently and effectively. Assess the current usage of employee experience and skills and give out responsibilities based on that. Use employees to their best qualities in order to maximize their potential. Set an organizational structure where there is order and encourage employees to follow and adhere to that structure.

4. Keep things simple.

Focus on what you do best. Narrow your business focus and you'll be able to manage things more effectively and improve your bottom line. Also, delegate tasks and subcontract any services that can be done by others at a less cost. Less day-to-day things to handle means more time you have to focus on your business.

The small business environment is always affected by change. In order to grow and stay competitive, you have to be open to new ways of doing business, whether is through marketing, sales, networking, etc. In order find new ways to lowers costs, you need to be open to new suggestions and think outside the box.

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