No matter where your business whether in Melbourne, Australia or Caulfield, Missouri, one of the best ways to make sure it’s successful is to focus on staying in the black – make a profit.
Sometimes however, a tough economy and rising costs can make that really challenging, which is where an experienced business coach can help.
A good business coach is able to show you that solving your cash flow problems isn’t just about increasing your sales, but that it’s also about minimising your expenses. The less money you waste on the front end, the more you’ll save on the back end, making sure that your profits are stable.
A business coach can also help you to improve your teams productivity and teamwork so that they’re functioning more efficiently together. As well as being able to help improve your time management skills so that you’re getting more done.
Basically, a great business coach will help you to stop wasting time and money on unnecessary things… And if for whatever reason you aren’t able to find a great business coach to work with, here are 9 things business coach David Guest suggests you look at to minimise expenditure and stop killing your profits.
9 Things You Can Do To Minimise Expenditure & Increase Profits
- Double check your reimbursable expenses (and those of your team) to see what can be changed so that you can achieve the same results using lower cost alternatives.
- Talk to your payroll and HR officer to find out if there are better ways to allocate shifts or rearrange staff to get the same or better results with a lower payroll expense.
- Get your team to make cost cutting suggestions; ask them to look for things they could cut back on without affecting productivity or quality.
- Get your Accountant to highlight any areas of spending that they think look higher than they should be.
- Look at your financial management accounts and bank statements to see what can be done to renegotiate fewer or lower fees.
- Review your overheads and see if any other options exist that are more cost effective than what you’re doing right now.
- Take a look at your automated payments to see if you’re paying for things that are no longer relevant or needed in your business.
- Check your lease agreements and other contracts for ways to leverage these types of transactions, look for things that you haven’t taken advantage of even though they’re available to you.
- Investigate areas of waste within your organization – look for ways to turn your waste into an increased revenue stream or find less expensive options for waste removal.
If your business is just getting by right now, but you want it to thrive, then start with these 9 expenditure reducing tips and then consider finding yourself a good business coach who can guide you back on track with your business. The right business coach will have the necessary skills to get your business into shape as a lean, mean, profit-making machine.
They’ll not only help your business to become more profitable by sharing great strategies for increasing your cash flow, but can help in a wide number of other areas in your business that may be hidden problem areas adding to your profit problems.
In Melbourne, David Guest has been providing business coaching services for over a decade. Pulling businesses back into the black and achieving high profitability in record time.