Trying to increase the profitability of our business is always at the forefront of our thoughts and that usually revolves around looking for the next big idea, product or service that we can offer our customers.
Many times this makes perfect sense, especially if we’re confident we have maximized the opportunities within our current clients, products and operations. Unfortunately, more often than not, we have done neither and are simply looking for something new to play with, something to get us excited simply because we may be a little bored with the status quo.
So before we waste untold amount of time looking for that “new whatever”, why not look internally for those efficiency gains? Streamlining your processes can lead to increased productivity and reduced overheads by doing more with less and getting rid of waste.
Here’s a couple of simple examples to prime your thinking.
1. Can you get a cheaper cell phone plan for your company? If you pay for three phones and reduce the monthly bill by $50, it’s an instant $600 to your bottom line.
2. Got dead inventory? Blow it out and turn it into cash because right now it’s worth $0 and tying up real estate.
3. Got vehicles, what kind of volume discount are you getting on fuel? Many national fuel companies offer volume discounts.
Taking the time to dig deep into the operational side of your business can free up thousands of dollars a year without having to find new customers. Is it exciting? Nope, but Small Gains=Big Rewards!
I’m Greg Weatherdon and this has been your Small Business Minute.
If you found this helpful, Tweet, Like or tell a friend.
Sign up above to receive email notification
of the latest update to this blog