Washington, DC, January 14, 2014 --(PR.com
)-- According to Donna Marie Thompson in the Huffington Post, “There are seven quick wins in areas that are real profit killers in small business The first area is to Review all purchases in progress. Before you sign on the dotted line, take a close look at the associated costs. Are you getting the best deal? Another perspective is to envision the expected benefits to you and to your clients before you commit the money. If the planned spending boosts revenues, it's generally a good thing. If it's adding to indirect costs, dive deeper and make your decision in the bright light of data.”
Dr. Thompson continued: “The second key cost area is to Cancel unnecessary monthly services. Have you taken a close look lately at your bills for subscriptions, memberships, club dues, newspapers, catering, bottled water, recurring fees, web domains, and other silent costs that drip, drip, drip their way into your profit and loss statement? Even just $85 a month is more than $1,000 in a year. A closer look here can harvest thousands of dollars of savings in many businesses. Probably yours, too.”
“The third key cost area is to Collect on Accounts Receivable. If you're borrowing money while you wait for your customers to pay, you're paying excess interest. Explore ways to get that money in the door faster, consider deposits, retainers, financing options, and quick-pay discounts to keep the cash flowing as forecasted and reduce your excess interest expense. All the savings go straight to your bottom line,” Dr. Thompson explained.
“The real bottom line is ‘What you don't know can hurt you and your bottom line.’ Look into these areas to jumpstart cutting excess costs in your business. The best time to start is now; the sooner you start, the more profits you will enjoy. And you'll be in great shape to make 2014 a banner year. Where will you start to cut excess cost and boost your profits,” queried Dr. Thompson.
Check out the blog for all seven strategies and leave a comment at http://www.huffingtonpost.com/donna-marie-thompson/its-q4-cut-costs-to-boost_b_4097578.html
Donna Marie Thompson, PhD is an acclaimed platform and cruise ship speaker, a two-time best-selling author, and a former Director at PricewaterhouseCoopers Consulting. She is a small business profitability specialist who created The Profit PyramidTM and runs 4-week mastermind training programs for successful small business owners and entrepreneurs. Apply now to be considered if you run a profitable small business under $5 million in revenues.
Check out for Donna Marie Thompson's new book: Peak Profit Potential on amazon at: http://www.amazon.com/Peak-Profit-Potential-Program-Business/dp/1936621053/ref=sr_1_3?s=books&ie=UTF8&qid=1387047705&sr=1-3&keywords=donna+marie+thompson
And get your own copy of the free Special Report "3 Profit Pitfalls and How to Avoid Them" at http://www.ExpertProfitSolutions.com