Business Tip of the Week: Keep your overhead low

Running a business requires, in some cases, spending just as much money as you may be making at the time. The money you spend to keep your business running, and to “make money,” is referred to as overhead costs, and sometimes can put a significant financial strain on a business’ bottom line. It’s best to always keep your overhead costs as low as possible, so that you can see an actual profit from your business. If you find yourself in a predicament, here are some tips to get back on the right track:
• Review everything and see what is no longer necessary, too high, or able to be reduced.
• Brainstorm with your team on more cost-saving things that can be done
• Leverage your current client base to save on promotions. Offer incentives, or ask for testimonials.
• Go paperless
• Negotiate better interest rates on your loans and credit cards

 

Previous Post
Business Tip of the Week: Does your business meet all legal requirements?
Next Post
Personal Finance Tip of the Week: Mortgage Insurance

No results found

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

Menu