I was searching around today for the best business tips. I came across many articles that included some great ideas. Some were practical, some were actionable and some were just OK. But of all the ones that I scanned through here were my 3 favorites.
- Always find new ways to keep costs low – This will help in two ways. The first is that it will increase your cash flow and strengthen your company. The second is that by focusing on expenses and vendor relations you may be able to establish a relationship with that vendor and negotiate better terms.
- Test and measure everything – By knowing what is working and what’s not you can stop wasting time on the activities that are not increasing profit and double down the activities that are. Leading you and your business to a more efficient and profitable business.
- Budget and monitor your business – Creating a budget for your business gives you focus on what you want to bring in and what you want to spend. And using that budget to monitor your business on a monthly basis helps you keep on the right path to increased profitability.
Staying on top of your business is on ongoing activity. Using financial statements as a tool to help monitor past, current and future activities will help you stay on track.
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