Financial Power

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The Right Way To Cut Business Costs (Part 2)

As promised at the end of Part 1 of The Right Way to Cut Business Costs, I’m going to share here in Part 2 the rest of the 5 most common areas to look to cut expenses the right way.

The remaining three are:

3) Inventory is in overload and out of control. The vast majority of shops I visit when I first do my 1-to-1 consulting are way overloaded with dead inventory that is costing them money. To me, it costs money because they could be trading this excess inventory off for credits with a supplier or sold off at a discount to generate money. It’s easy to think, “I should have those items on my shelf because if I buy in bulk it’ll be a good deal,” or “I want a lot of it in my warehouse because I don’t want to run out.” It’s all flawed thinking.

The best thing to do is what I call “Exit the Warehouse” business process, and that means finding a great partner with a great vendor or even two great vendors if need be. They can help take control of what you keep in stock, and they can help you arrive at the correct minimums and maximums for each item. It requires restricting access to the warehouse itself to a very limited amount of…

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The Right Way To Cut Business Costs (Part 1)

Are all the expenses you’re “used to” carrying still pulling their weight?

Probably not!

Getting a better handle on this means you need to dedicate yourself to getting Financial Power in place.

Where should you start when it comes to cutting the right expenses in the right way?

Start by looking at all your expenses from the prior year listed in your Profit and Loss Statement (aka P&L). Take out a yellow legal pad if you want a manual moment or open up a Word document and list them all. Then, sort that list into must expenses and nice-to-have expenses.

It’ll be tough to do this because everything you now spend money on seemed like a good idea at the time. But a sinister thing about some expenses is they may be small expenses, but if they’re occurring every month, for instance, there is a compounding effect, and not in a good way. The reality is all these “small” recurring expenses add up.

Here are two of the five most common areas to look at when it comes to cutting expenses:

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Holiday Bonus Blues Getting You Down?

The holiday season should be a wonderful time for friends and family to gather. It should also be a time for everyone at your company to come together and celebrate another year wrapping up as a team.

But, the holiday season can be very stressful at work.

One of the reasons is the ugly thing that can happen at companies and that is the tug of war over giving staff holiday bonuses. It’s not that you’re cheap. But, a lot of contractors I’ve worked with have had to take the money out of their own bank account or even worse from their own holiday fund to pay these bonuses. That’s just not right, let alone sustainable.

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Why Buy Another Contracting Business Book?

Good question!

Is there a shortage of business books out there or business information out there on how to be successful in the contracting business? Nope!

Can trying to figure out what to do with all that information be overwhelming and confusing? Yes!

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Engineering a Turnaround

It’s never too late to engineer a turnaround at your company! Pretty bold statement! It needs to be. I want you fired up about taking back your company from the jaws of defeat and get it headed in the direction…

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Loaves of Bread

Many of the contractors I speak to and even work with have many common traits. But the one that undermines many of them the most is being too overly involved with stuff that doesn’t really matter all that much but…

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6 Tips On How to Lower Your Rising Accounts Receivables

It’s very likely you’re experiencing a cash squeeze and with tough economic times one area that’s bound to be on the rise is your Accounts Receivables. This is a double whammy if sales are falling at the same time. To…

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4 Ways to Improve Cash Flow Now

Are you struggling to meet payroll and make ends meet in general? Here are just 4 Ways to get the cash flowing again at your company now: Sell more service agreements, packages or other items that give us recurring income…

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