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