Ten Ideas to Boost Your Profits
Enhance your bottom line by cutting costs
Little things mean a lot, and relatively small expenses can add up to a significant amount of money your organization is wasting over time. By cutting costs, you can enhance your bottom line. Here are 10 ideas to reduce expenses:
- Improve cash flow. If your business is seasonal, ask your largest vendors if you can stock up now but not pay until customers buy. Also, inquire about renegotiating leases so you only pay in those 9 or 10 months of the year when you have the most sales.
- Investigate new products. For the next few weeks, have your customer service personnel keep a list of products that customers would buy from you if you stocked them. Then, calculate how much revenue you would earn by stocking the three most requested items.
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