Becoming a Financial Daredevil – Three Top Tips to Save Your Business Cash

Daredevils are terrifying, aren’t they?

Here’s the most recent example – this February, a group of French tightrope walkers made their way from one hot air balloon to another, suspended several thousand feet in the air. Although they were hooked up with parachutes should they fall, the risk inherent in being that high is enough to give you palpitations just thinking about it.

And yet, in the world of business, these same daredevils would probably suffer a panic attack looking at the financial risks that some SMEs take. Indeed, finances are a tightrope that even the most adept stunt-person would struggle to maintain their balance on.

Like fearless skydivers, business owners plunge haplessly into the financial void with only the assurance that their cost-cutting measures and, hopefully, a little bit of profit will break their fall.

Skydiving businessman

That’s right – with a series of helpful cost-cutting techniques, your business will find itself with a parachute to help you execute a perfect landing.

With that in mind, here are just a few financial tips to stop your daredevil business from jumping straight into bankruptcy.

Save on your energy bills

Energy bills take up an astonishing level of your monthly expenditure, amounting to the second largest outgoing of most businesses. If you can make your offices as energy efficient as possible, you won’t haemorrhage cash on pointlessly wasteful energy.

Don’t leave electrical items on overnight, invest in new gas connections, persuade staff to be energy-conscious and you’ll spend a markedly smaller amount on gas and electricity every month.

Get the right staff for you

Famous American firefighter Red Adair once said, “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”, and the man was right on the money.

With the right staff, you can ensure that your business will be running at its optimal level, and those standing on the frontline of your company will make you the profit that you’ve worked so hard for.

Just like the safety crew making sure a diver has his chute in check, your staff, if chosen correctly, will ensure that your business is running like a well-oiled machine, saving you cash by saving on mistakes.

Always remember – the customer comes first

That old adage “The customer is always right” exists for a reason, you know.

You’ve all been in a shop or cafe where the staff have been snappy, bored or simply outright rude and, chances are, you never went back.

Poor service breeds poor income, and that’s a rule that applies to almost every business. Keep your customers happy, provide them with excellent service and products and you’ll find that your business will hit the ground gently, rather than with an almighty thud!

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