16 Jan Three ways to stop profit leaks in your business
You may have seen that yesterday was supposed to be ‘Blue Monday’ – a phrase coined by marketing experts to sell us holidays originally!
However, January can start to feel like a long month for lots of you and can feel challenging financially.
So, there’s nothing like starting the year off with some good financial habits in your business to stop any ‘profit leaks’.
I’ve started to share some previous blog posts on my LinkedIn page this week, that should act as a reminder for you to go and do in your business, in case you’ve not done these for a while.
I’m going to share the 3 tips for stopping profit leaks with you in this email, along with a link to the longer blog post if you want to read more:
Review Your Outgoings
Go through your business bank account and make sure you know what each outgoing is for. Are there any regular subscriptions that you’re no longer using and need to cancel? Are you paying twice for something? All businesses need to invest and have a healthy level of outgoings for their day-to-day running but make sure you know that each one is worth it. Read more
Renegotiate or Switch Suppliers
Once you’ve cancelled anything that’s no longer needed, is there an opportunity to renegotiate prices with existing suppliers? If not, can you switch to a cheaper alternative? Read more.
Follow-Up Overdue Invoices
Make sure you are following up on any outstanding and overdue invoices. There are really simple ways to do this, such as sending a reminder email, calling the relevant person and asking when they are expecting to make the payment. It’s often a case of being forgotten or lost, and a simple, friendly reminder usually works. Read more about Increasing your profit.
Make sure you keep these three simple habits in place throughout the year to stop any profit from leaking out of your business.
Want some help to identify your profit leaks?
You can book in a complimentary strategy call with me here and I’ll help you identify and fix yours.
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