18 Aug Increase your profit with this one simple tip
Hi, there it’s Alison Bradford from alisonbradford.com, and I love helping busy business owners who are looking to grow their business and make more money without putting in more and more of their precious time. And today I’m going to share with you a really easy, super simple hack to go and add money straight away into your profit.
So the first thing you need to do, and you need to set aside about an hour to do this so get your diary out now and book the time in. Then when you start this, you’re going to print out all of your bank statements for the last preferably six months, your business bank statements for the last six months; at least three months you need to go through. When you’ve got those in front of you,
I want you to go through all of the outgoings and expenses going out of your account every month, and categorize it. You need to categorize them into categories that make sense for you and your business. So some examples here are going to be things like marketing costs, maybe you have IT costs, stationary costs, office rental, training and development costs, staff costs, et cetera.
So come up with the categories and then the easiest way to do this is to have a different coloured highlighter for each category, and simply highlight all of those on the statements. When you’ve done that, then I want you to have a look at everything you’ve highlighted and really think about what return on your investment is each of those individual outgoings giving you. It doesn’t have to be an exact science, maybe a gut feel, but you need to be sure that everything that you’re paying for adds value, and gives a return on your investment into your business.
So once you’ve done that, what you’re likely to be left with then is some things that aren’t adding value, or some things that are no longer needed or necessary in your business. So the easiest thing you’re going to do now to add profit straight onto your bottom line is to cancel those outgoing straight away.
So anything that’s no longer – so things that may be old subscriptions that you’ve been hanging on to. Things that you’re no longer using, maybe software packages, and maybe those things that you’re paying for because you’re aiming to use them one day in the future. Well trust me if you’ve not used them now, cancel them,
and when that one day comes and you’re ready to use it, you can go and buy it again then. So cancel everything. Then simply add up your savings over the next 12 months from stopping all of those unnecessary expenses going out of your business bank account, and leave me a comment to let me know how much you’re saving and adding to your profit in the next 12 months. I guarantee I’ve never had anybody do this and not save something within there.
And several clients have even saved hundreds of pounds, going into the thousands of pounds sometimes, from taking out an hour of their day to go through this simple, simple exercise. So it could be the most valuable hour that you spend this week. Let me know how you get on and leave me a comment to let me know how much you’ve saved.
That’s Alison Bradford from alisonbradford.com. Thank you.