Three Tips for Reducing Your Small Business’ Everyday Operating Costs

When it comes to improving your business’s profitability you have three choices: Sell more, increase your prices or cut your costs. Put that way, it sounds like a statement of the glaringly obvious, but it is surprising how many businesses focus like mad on the first to while paying very little attention to the third.

Cutting costs for increasing profitability

Here, we take a look at three areas every business should focus on that will help them get the optimum bangs for every buck.

1. Automate your processes

The technological world moves quickly, and any business with established internal procedures is liable to stand still and be left behind.…

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5 Practical Ways to Cut Costs and Improve Profit Margins

A business can exist in three financial stages – the business can be operating at a loss, it might be breaking even, and it might be booking profits sustainably. The ideal financial state for a business is to be profitable consistently and sustainably, that’s the only way to ensure that the business will survive and thrive. However, many businesses are only barely making a profit because operational expenses often eat too deeply into their margins.

Financial analysis

This post provides insight into five ways you can cut costs to improve your margins.

Rethink your office space needs

You can start cutting your business expenses by reviewing your office space needs to know how much of an office space you really need.…

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How Employee Monitoring is Connected to Productivity and Profitability

As an employer, you probably find yourself tearing your hair out in frustration upon finding your employees dedicating an unacceptable amount of time to gadgets like iPhones during work hours. Every minute the latter spend on playing games, socializing, and surfing the web reduces their productivity by a considerable amount, which in turn hurts the profitability of your business.

Employee monitoring and analysis

If that wasn’t bad enough as it is, some employees may even be involved in secretly leaking sensitive information to a competitor, something that can of course make your company really bleed. This is precisely why an increasing number of companies are investing in tools to monitor their employees’ use of digital devices and the internet.…

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