Back in the Black Your To Do List For Reducing Costs & Increasing Profits
Let’s face it, a business’s first priority is to turn a profit. While many independent retailers have top products, are passionate about paint, and exercise plenty of hard work, operating a profitable business can be difficult to do. Whether your store is experiencing a cash crunch, you’re trying to stay afloat, or you’re simply looking to increase sales profits and grow your bottom line, there are always ways to improve. Check off a few items on the to do list and start trimming costs and turning profits today.
Reduce Cost & Increase Profits TO DO: CUT EXPENSES Review your business expenses and determine which costs you can cut without compromising custom service or quality. List all the expenses the store incurs and see how you can reduce spending. While some are essential, others are unnecessary but nice to have. Take inventory of these expenditures and compare their cost to the value they give your store. If you no longer use a service and it’s not important to your business interactions, cancel the monthly fee. A simple phone call to negotiate better rates is a great place to start. Request lower monthly fees for credit card processing and telephone and utility bills and consider calling competitors to ensure you’re paying the lowest possible price for internet and web hosting. A reduction in regular monthly expenditures can easily equal more money staying in your account. Office supplies, equipment, and shipping is another area to trim extra costs. Consider cutting receipt paper and go all-in with electronic receipts and invoices. Review health plans and business insurance to make sure you’re getting the best coverage without paying top dollar. It doesn’t hurt to ask. And if you have the extra space, buy products in bulk. Every little bit adds up.
16 | July/August 2021 | ALLPRO INDEPENDENT
