For profit organisations, the goal is precisely that – profit.
People start business to make money and in order to generate the highest possible profit over a year it is important to keep costs to a minimum.
Work from a remote location: How important are your business premises? Do you have a shop front? Do you get foot traffic? Or is it merely serving as a hub to perform business when in fact the cost of rent/floor space is more than you need to spend. If you are a one man business and regularly meet clients in cafes for meetings or conduct meetings over the phone then it could be an option to work from home. Having a specific area set up in your home to work at allows you to stay focused at the same time as keeping more dollars in your pocket.
Hire right and hire once: Finding the right employees that fit your mould is crucial to a successful business. It is important to do your background work. Call their references, thoroughly read their CV and put them through an interview process to ensure the staff you hire are a) a good fit for the job and b) going to excel in their tasks provided. If an employee is ill fitting to the job at hand and you need to re advertise and re hire, this is added cost you don’t need.
Cut technology/operations costs: Shop around for the best services for the most satisfying cost. Website hosting is often a cost that can vary a lot across companies. Get some quotes and choose the best fit and best cost for your business. Review these services annually or bi-annually. Other things to consider are insurances and utility bills for your premises. Usually a more competitive price can be obtained by shopping around.
