In our last Spring Cleaning post, we analyze expenses in your business! Did you find some surprise expenses that were hiding in the dark corners of your monthly bank statement?
Now we will examine how your business can cut costs. What clutter can you cut out?
What Does your Business Really Need?
Healthy businesses are always cutting costs, even the little things add up!
Look at what your business really needs to operate. Does your office really need a fancy copier and coffee machine? What about personal business expenses? I love audible and post-it notes but do I really need them? What business luxuries can you cut out?
Remember this doesn’t have to be forever, it could just be for the quarter or the rest of 2020 but we encourage you to try cutting out some of the none essentials and seeing what a difference it makes in your business’s bottom line.
What Do You Owe?
Next look at what fees and interest you are paying.
Start by making a list of all your loans, the balance, and the interest rates of each and contact your local bank to inquire about any current offerings. Talk to your banker about consolidating your loans and/or credit cards.
Finally, look at how much your bank charges you each month? Spend some time researching to see if there are better rates available, would it be worth switching banks?