Take a look at the everyday things

Looking to cut your overhead? Maybe save some money? Evaluate these three areas of your expenses and you’ll probably find some overspending.

1) Cell phone bill – Is the plan you are on the one that’s right for your current usage? I realized about three months ago that I had a lot of minutes that were rolling over on my plan that I didn’t need to pay for. So I called my carrier and reduced the plan by $100 a month. I found a $1200/year savings in a 15 minute call.
2) Insurance – Are you over insured? Because the value of property is down you may not need as much coverage as you had before.
3) Internet – this is a necessity in most of our business lives and often can get expensive. Check with your phone carrier on bundle plans. This moves all your telecommunication services to one company that rewards you by giving you a better rate rather than having the services separated between different businesses.

Take about 30 minutes to truly evaluate your everyday expenses. I'm sure there is money there for you to save.

Reality Check

We are only 1 ½ months away from mid year and it’s time to take a reality check. Ask yourself these questions:

1) Do you know if your business is showing a profit?
2) When is the last time you reviewed your Profit & Loss?
3) Do you know how much it takes to run your business every month?
4) Do you have a cash flow plan?
5) Are you expenses inline with your income?

If you don’t know the answers to these questions you are running blind. How will you be able to manage the cash flow for a decline in business or prepare for growth? It’s time to embrace the facts, NOW.

If you know the answers what are you doing with the information? Making adjustments monthly? Strategizing for growth? This information can be the pathway to taking your business to the next level.

Don’t let the numbers intimidate you. Or overwhelm you. The beauty of numbers is if they are entered correctly they do not lie. They tell you exactly what is going on in your business. Use them as a tool as you are constructing your business.