Improving Your Company’s Bottom LIne

As January starts to wind down and New Year’s resolutions start fading into the distance, it is time before a new calendar page is turned to get to the “bottom” of our commitment to make changes this year to improve our lives and businesses. Whether our goal is getting to the “bottom” of why we procrastinate, shaping up the “bottom” of our physical appearance or fixing our company’s “bottom” line, we must not let up on our resolve to make improvements.

I am not a therapist so I can’t provide advice on why people procrastinate or an exercise coach to help you tone up your bottom, but I am someone who recently hosted an event where two women entrepreneurs shared strategies on improving the bottom line of a business by giving tips on eradicating expenses and revving up revenue.Here’s what they shared:

Eradicating Expenses – By Melissa Zomro, Small Business Development Center and Women Entreperneur

* Understand Profitability – what is the profit and the profit margin.

* First thing that should come to a business owner’s mind is what return they would expect on any purchase they make.

* Areas to evaluate:
1. Analyze your needs and do the math
2. Determine where you spend your money
3. Watch overspending
4. Cutting Utlilities expenses (going green increases the green)
5. Telecommutte – work from home

* Consider using Technology like Point of Sale technology to help you track expenses.
Light Speed – https://www.lightspeedhq.com/products/onsite

* Remember this statement – “If Cash is King, the Data is Queen”
1. Tackle your debt
2. Check for unnecessary expenses
3. Purchase in bulk
4. Track inventory closely
5. Reduce inefficiency with automation only accepting checks cuts cashflow
6. Look close at talent
7. Dial down for savings – do you really need so many gadgets?

Revving Up Revenue – Sally Fedrizzi

1. Create a set of GOALS
2. Figure out HOW you will make the goals happen.
3. Know your MARGINS…where you can increase them.
4. Analyze your products and services for PROFITABILITY.
5. OUTSOURCE the jobs you dislike, find difficult, or aren’t the best at.
6. Review your MARKETING STRATEGY.
7. Rewrite or review your BUSINESS PLAN to match the steps above.

* Negoitate prices with vendors or the commissions you make with vendors. Make sure you are partnering with the best vendors.

* Reformulate your business if you have to be more successful and bring in more money in 2016.