Know Your Numbers
If you are not monitoring the numbers of your business, you are not managing them. Too many small business owners leave their accountant to look after the financial side of their business. This is a dangerous game and one that can create a big headache at the end of the year if you encounter a problem that should have been addressed much earlier.
It’s really important to get a handle on all of the financials of your business and to monitor these on a monthly basis, this avoids any end of year “surprises”. The most effective way to increase your profits is to understand every single cost in your business. Pay particular attention to your marketing spend, is it delivering results or are you paying for services you are not using to their full potential? Do you really need that subscription? Be brutal, if it is not generating an return on investment cut it out.