Wondering as a business owner what preparations you can put in place and steps you can take to keep profits flowing in, as well as make sure your hard-earned dollars stay where they belong – in your bank account?
Here are a few ideas you may consider…
Plan for the upcoming season.
Many businesses are based on seasonal changes. If you have never thought about this for your business because it is something that you consider a dry topic like accounting or law or what-have-you, consider the ebb and flow of your typical calendar year. Where does your business offer fall into place for spring, summer, fall, winter?
What is going on in the world at those times which coincides with what you do? How can you or business be of service to people at specific times of the year? Once you get going with this type of thinking, you can start to plan what you will offer. Don’t forget that in addition to physical products, you can also incorporate online products to ensure 4-season’s flow of income.
Explore budget cuts.
One very useful practice to get into the habit of is to see how you can cut expenses by changing the way you normally do things. Whether it’s downgrading your computer system, cutting employee hours, doubling up on responsibilities for single employees or for your business partners, there are many ways a business owner can save money.
Also think about taxes.
Are there expenses that you may not be factoring in when you itemize your business taxes at the end of the year? Take some time to work up a fresh profit and loss statement and give your accountant a call to discuss tax benefits that you can take advantage of as a small business owner.
Keep better records.
Start keeping receipts and better records of what you spend as it relates to your business. Even something like buying lunch for people who you outsource work to count as a business expense that can be deducted at tax time. A slow day is a perfect day to organize this type of information, so you can easily access it when you need it.
Reduce energy costs.
Finally, investigate ways that you can decrease the amount of energy that you use. If you have a physical location for your business, can you decide to power down at the end of the day? Can lights be shut off when people leave the conference room, or can you switch to a virtual business model with employees working from home?
Outsource more.
Believe it or not, outsourcing those everyday tasks to someone who accepts a lower rate of pay than you do will give you the free time you need to do what’s necessary – strategize, plan, and run your business.
Think about the big-ticket tasks and who’s handling them. If no one is, that’s a sign that it’s time to get out of your own way, farm out the small-potatoes but necessary daily doings to people who are experienced and qualified to handle them. Then, slip into your rightful role as CEO – and start that brainstorm of business-building projects to get underway.
