Our Top 10 Tips to Save Money and Grow your Profit!

Owning and running a business is a BIG commitment.  As you know it takes up a lot of time and mental energy, and sometimes you get so busy doing what you do – you don't take time to step back and work “on your business”.  In fact, you can be so neck deep in it, that you really have no idea what’s really going on!  So, we want to encourage you to get out your diary or calendar (yes NOW) and block out half a day, or ideally a full day, to spend time in the next few weeks working ON your business!  We would advocate that business owners should allocate time each quarter to do this – and yes ideally a whole day!  If you  have a business partner or key stakeholders they should also be part of the day (it may not be the whole day – depends upon their role).

Once you have set aside your day, start to put together an agenda for yourself of the things you want to look at or work on during that time.  Listed below are our TOP 10 areas that you may want to focus on (you probably won't look at all of these at once but it will help you identify the top areas of improvement).

1 Take a deep dive into your financials: Review profit and loss statements, balance sheets, and forecast future business performance. Schedule a meeting with your accountant for a thorough analysis of your business's financial health.

2 Review suppliers and subscriptions: Assess all subscriptions and suppliers to identify unnecessary costs and potential savings. Negotiate better deals or consider switching to more cost-effective options. Don't forget to review loans and interest rates with your bank.

3 Conduct risk assessments of your software: In an age of cyber attacks, prioritise data protection and implement measures like two-step verification. Consider cyber insurance and consult with an insurance broker for comprehensive coverage.

4 Reflect on your goals: Evaluate whether you are on track to achieve your goals and identify the reasons behind potential successes or failures. Learn from past experiences and adapt your strategies where needed. Focus on increasing both revenue and profit.

5 Set goals for the quarter or year ahead.  Consider recent growth and changes, staffing needs, process improvements, and any necessary adaptations to seize opportunities and drive success.

6 Assess your marketing and strategies.  Are they providing a return on investment and time?  Are they achieving their purpose (ie the expectation of a branding campaign is different to a call to action campaign).

7 Prioritise professional development and seek opportunities for growth and learning.  This might include looking into networking groups, industry events or catching up with someone that has knowledge or connections that might be able to assist you.

8 Take advantage of resources that are available to you through your networks or franchise.  And, info like our FREE Business Reset Checklist or our Business By Design 8-week Bootcamp for support and guidance.

9 Book into your diary these “Quarterly Strategy & Planning Sessions” for the next 12 months.  You have to commit to and plan to spend time working on your business.

10.  Remember that you don't have to do everything.  As the Leader within your business you need to have the ideas and think bigger picture.  Yes, there will be some things that you have to do, but there will be other things you can allocate to staff or management to do.  However, make sure you are really clear with your instructions and set a clear timeframe around it.  I would suggest once you’ve spoken about it with the team member you then email them a confirmation of the plan and the outcome needed and a completion date.   If you don't have a team of people you may consider outsourcing some things to Virtual Assistants or other professionals outside your business – you can’t do everything!

We hope this list of ideas will help you assess your business.   Below are a couple of FREE Downloads that might be beneficial for you and your business.

FREE Business Reset Checklist Download

FREE Creating an Awesome Customer Journey Checklist Download

Find out more, or register on our Waitlist for our 8 Week Bootcamp - Click Here