Business don't close because they run out of cash, they close because they spent their money on the wrong things. Below are a few simple components that you should think about as business owners.
Pay your monthly invoices -
Does your
hourly team have any idea what you pay every month for all the
components or your business. This may help you teach them how the
smallest things do really matter.
Think big - Don't
invest time, money
and resources toward something that has a small payoff. Identify and
focus on the largest cost-savings opportunities in your business.
P&L 101 Daily - Teach your employees
how little you make as a business before you teach them how to sell more and talk to them only about cutting costs.
Return-on-Retention
- Labor cost is not your biggest controllable expense, retention is.
Don’t
wait till you are forced to make a change to retain your business stay
ahead of the competitor and you eye on what counts and you should have
no problem keeping what you have and growing it.