Operations

Manage Expenses Strategically

Posted on June 29, 2009

By Entrepreneur.com

If you are a small business owner looking for ways to manage expenses, you can begin by reviewing your finances to determine if are you incurring losses, breaking even or just barely making a profit. If you are losing money, it may make sense to trim enough costs to counterbalance those losses.

In your effort to cut costs, examine each expense, no matter how small, and determine which items you can do without. Don't hesitate to cut items that don't directly contribute to your bottom line. Consider trimming extras or perks, such as snacks for the breakroom.

Create reports every week to examine both your expenses and revenue. Make adjustments as needed, especially when you notice that you are spending more than your budget allocations. Areas important to your business's revenue, such as production-related expenses and marketing, should be among the last items cut.

For tips on reviewing your expenses, please CLICK HERE for more information.

 

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