A quick way to get from red to black ink is to slash spending. But cutting costs is not a strategy that will work by itself to build a business. As a business grows, expenses grow, too. If cutting costs is the only priority, spending where it's most needed may be overlooked.
The first step in getting from loss to profit is finding out where the business is losing money. Paying late fees due to disorganization, failing to take discounts, paying high interest rates or seeing money flow out with no return are leaks that will sink a ship. Plug those leaks.
Find better, smarter, money saving ways to do whatever is necessary. Ask employees for ideas and input. Be sure to track the money saved; don't just let it get absorbed into operations without accountability. Remember what happened to our Social Security "Lock Box?"
One of the most important and urgent expenditures is advertising. Look on it as an investment in the future, but spend wisely. The advertising class at Bane-Clene Institute has a reliable plan for the cleaning business and is a good investment of time for this vital element of a company's growth.
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