How can businesses reassess their expenditure in difficult times? Set aside some time to work through every line of the Profit and Loss Report for the previous year, and ask yourself “Is there a better/more cost effective way of achieving this outcome?
In good times it’s easy to ignore Profit and Loss because there is plenty of income, but when times get tough it’s important to also look closely at where the money is being spent. I recently went through this exercise in my own business and came up with approximately $250,000 of savings per year. Some were tough to make but as a business owner, if you don’t make them, the cost comes out of your own pocket.
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