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Tips For Increasing Small Business Profits

As one year ends and another one starts, business owners are looking at their revenues and profits for the year and making plans for a better new year.

Unfortunately, for many, the profitability of their business may not have reached the level they had projected, creating the need for some changes in the year to come. While raising prices is always an option, it is rarely the way to help a business that is already struggling. Instead of asking customers to pay more, it is better to consider ways to sell higher quantities or lower costs to increase profit levels.

Cutting Expenses

Profits can be increased two ways; either sell more or spend less. While increasing sales is not always in a business owner’s control, many expenses are. Any money that can be saved, even when it seems an insignificant amount, can add up over time and make a large difference in the overall profitability of a business. Some means for cutting expenses include:

• Shop around. Price shopping is not just for inventory and equipment; it should be mandatory for all services you pay for. This includes insurance, utilities, banks and any other services you use for your business. Also, shopping around does not mean you necessarily need to switch vendors. Get quotes and use them to negotiate better rates from your current suppliers.

• Go paperless. Look into options for limiting the amount of paper and ink your business uses. Store documents digitally, send digital invoices and email company memos. It is estimated that 40% of the paper used in most businesses is thrown away in less than 24 hours. That is a big waste of trees and money!

• Barter. Instead of paying for all services, try bartering instead. Many communities have small business bartering networks. It is a great way to network with other business owners while saving money.

There are many ways to save on business expenses, and in turn increase profits, without changing your prices or level of service to your customers. Doing several little things to decrease expenditures throughout 2014 can make a big difference in the year-end profit come December.

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