9 Quick Tips for Controlling Expenses

9 Quick Tips for Controlling Expenses

One of the key challenges for a business of any size, is controlling expenses

Here are a few useful tips that can help keep expenses down:

1. Have a clear strategy: If you are clear about the direction you want your business to take you will also have a clear idea of where you need to incur costs and what costs can be eliminated.

2. Get three quotes: Make a company policy to get three quotes to ensure you are getting the best value and quality.  Get them in writing!

3. Sign all invoices yourself: Once a week work through payments with your finance person.  This may become tedious as your business grows but I can assure you it will be worth the effort!

4. Create expense policies:  Who to buy from?  What is the budget for this item?  When should I order to maintain positive cash flow?  Who is authorised to make the purchase?

5. Lead by example: As the owner, set an example for your team by minimising expenditure throughout your business.

6. Don’t stop spending on marketing: When times are tough and sales are down its important to maintain marketing activities.

7. Profitability, not turnover:  High turnover does not indicate profitability in your business.

8. Banking: Ensure you are getting the best financial rates for every account.

9. Prioritise:  Sort your needs from your wants and prioritise.

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