One of the most overlooked ways of increasing profits is cutting costs. Virtually every dollar you save goes straight to the bottom line.
But there are all kinds of complications around cutting costs: deciding what you can do without, taking the time to find cheaper ways of doing things, and getting your team to buy into the need to reduce input costs.
So let's shorten the learning curve. Send me an email telling me what tactics you have used to cut costs in your business. I will retail them all in a future column and in this blog, so everyone can learn from your experience.
And everyone who shares a tip will be entered into a draw to win one high-quality Canadian Entrepreneur mug, suitable for no-name coffee, board meetings, and even storing pencils.
Have you find a way to negotiate lower prices with suppliers? Have you sourced cheaper office supplies, increased your use of performance-based pay, rented out surplus real estate? Let me know what you have done, so that all can benefit from your ingenuity.
Email me by Jan. 31 at rick (-at-) rickspence.ca