Everyone wants to increase business revenue. I’m working hard for it and I’m sure you are too.
There are plenty of ways to increase your income such as:
• Diversify revenue streams
• Sell more to your existing clients
• Increase prices
All perfectly valid ideas and strategies you should consider.
But what if you could increase your profit by $1,200 a year within five minutes?
Really five minutes = extra $1,200 profit per annum?
Not a bad return right?
Remember how profit = revenue – expenses.
Well, personally I think you should focus more on income growth (positive) than cutting costs (negative). That said there’s no harm in taking quick wins.
How To Take The Quick Win
Open your business account and looking at recurring payments. What haven’t you used recently? What had you forgotten about completely until just now?
When I did this I found a couple of recurring payments I didn’t even recognise. Immediately four monthly payments totalling $100 cost per month were cancelled. Two more will be cancelled as soon as I finish current projects and no longer need them.
Part of the trap is that not all payments record a description in my account and aren’t easily recognised. I had to open PayPal to cross reference and discover what they were. Nonetheless it was worth the few extra mouse clicks.
12 months @ $100 = $1200 savings. $1200 extra profit in just five minutes.
Of course there are only so many expenses you can cut. This isn’t an infinite strategy to increase profit but it is worth scheduling a reminder in your calendar to have a look every 3-6 months.
1. Don’t read another blog post. Leave this tab open and go cancel any unnecessary payments. When you’re done come back and share how much you’ve saved. How much will you have increased your profit by at the end of the year?
2. If you’ve enjoyed this post and think it could help your business friends be sure to share with them.
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