Well, here we are – firmly into 2020 – the new decade, new year – and resolutions are always top of mind. The clear mindset of a New Year has never been more strong.
When you look at your pocketbook, realizing that you might have overspent at Christmas time on not only gifts but the food (but boy was it good!). Now you are realizing that you need to curb spending to get back on track. Both personally but also in your business. Now is the time to set the trend to increase your profit margin at the end of 2020. That would be a magical way to spend the first year of the new-age ‘20s.
Now, you must be asking – how do I exactly create that saving mechanism? How is this process any different from the one I attempted last year?
Well, let me show you a few ways:
If you look at your analytics from 2019, did you see any trends in your ad spending dollars? Were they effective? Maybe there is another option to consider that is less costly? For example, going out to community events, building up your SEO on your content or even by creating videos to Youtube/Facebook Lives – these are all efficient and effective ways to market your business. Not to mention, using Facebook Groups and building a following on your authority. Even sponsoring community events might be a more effective expense, look at your total numbers and decide from there.
Do you struggle with knowing and understanding your business numbers? I have the answer for that! Know Your Freakin Numbers is a new course by Roberta West that will help you get familiar with your business numbers AND know how to use them to your advantage! You can use my special coupon code, TARA20, until February 29 2020 when the doors close for enrollment, to save 20%.
Review Your P&L Statement – wow, that was very business-like!
By looking at your year in review, be it with your accountant or your own accounting software, see where the bleeds are and trim from there. Do you need to spend $10 on a pen, when a $0.10 pen might do? How about those memberships to specialized groups, did you actually get any new business from those memberships? What about busying recycled toner versus brand new? Not only is it environmentally conscious but often it is cheaper! Even using Generic Brands where possible, versus brand name! These are great ways to trim and bring your profit margin more to the top.
Going Green will bring you Green
Whether you work from home or in an office/storefront space, being smart in your items of usage – LED Lightbulbs, timers on your equipment. These alone will save you for your utilities will drop significantly with the lack of “ghost” power!
Bartering is for more than just clothing!
Have you ever considered bartering your services for another? Other business owners may benefit from something you offer and the other vice versa. The trading of services would be a great way to have the work getting done, while you help another!
These are just a few ways to budget or look at your budget to see where you might be able to save you some cash in the now and the later. Just think, come Dec 2020, when you have the best year on record in your business. You start reviewing your year-end numbers and you see a lot more profit without skimping on the quality or message you bring as an entrepreneur. If that isn’t part of the dream, I have no idea what that would be as a business owner!