Where Can You Save $$$ In Your Business?
Over the past month we’ve been creating a new program we will be selling starting next week (you’ll get free access to it as a client!).
It’s called the Profit Maximizer Program.
The program includes 14 Profit Maximizer Strategies that any business can implement to earn more profits in their business.
They are all simple yet extremely effective strategies that most business owners don’t leverage. We tend to always chase the shiny objects of the latest and greatest new software, tech, funnels, FB ads, etc.
But the truth is most of us are leaving money on the table in our business from neglecting simple strategies that have stood the test of time.
One of the strategies in the program is an Expense Audit every month and see where you can cut down (or cut out) expenses in your business.
Cutting expenses is one of the easiest and most effective ways to increase the profits in your business.
Expense Audit Steps
1) Run expense report at the end of each month and print it out.
2) Go through all the expenses and highlight any expenses that are unnecessary or that you don’t know what the expense is
3) Determine if you can cut or eliminate those expenses moving forward to save money
It’s not rocket science and it’s super simple. The problem is most of us don’t ever take the time to look at our expenses.
“You can’t manage what you don’t measure”
There are a few other easy ways to cut expenses in your business:
1) Cut employees or team members that are underperforming.
I just had a coaching client who fired 130k salaried sales rep who was not producing. I tried to get my client to fire him 6 months earlier, but he waited longer than he should. He did recently let that sales rep go and is now saving 130k. STOP paying someone who is not producing for you.
2) Renegotiate Your Lease
If you happen to lease a space for your business, see if you can renegotiate your terms. I did this in my gym business about 2 years ago and got my monthly rent cut in half (YES, in half) simply by reaching out to my landlord and reworking our terms. It never hurts to ask, and you just have to find creative ways to renegotiate.
By renegotiating my lease, we are able to save 38k per year simple by me reaching out to the landlord with a renegotiation proposal.
3) Cut Services You Don’t Use
I can almost guarantee you that there are services (software, apps, tech) that you are still paying for that you never use anymore. Cut those expenses out immediately. Why would you pay for things you don’t use anymore. Stop hanging on to those expenses because you “might need it one day”. Just cut them out and you can always pay for them again WHEN you need them.
Those “small” expenses add up over time. If you were able to cut 3 services at $97 monthly that would save you $3,392 in a year.
These are just 3 simple ways to cut expenses in your business and being intentional about doing a monthly expense audit to earn more profits in your business.
As one of my mentors always says, “Revenue Feeds the Ego, Profits Feed the Family.”
Early To Rise, Head Coach