Where can you cut costs without cutting into your profits? Most businesses don’t really take the time to look at what they are expensing and where their money is going. So, when it comes time to look at your profit and loss sheet you tend to be confused as to why your business wasn’t profitable or your percentage of profitability increased on by a smidge.
Any business can think they are profitable because they stay busy and all they see is the money coming in. But most business owners don’t really look at the money going out. Let’s take a deeper dive into this.
In a recent client study the business owner said they had no issues, and they were doing well with profitability, but they wanted to a do a business and technology analysis to have more peace of mind of the overall business. After doing the business and technology analysis there were several issues we found. Some of which can dig into your profits if they weren’t resolved.
During the research we were able to identify issues. One of the problems was their credit card compliancy. They had none. The business was taking credit card transactions and did not implement any security. Not applying security and complying with the credit card regulations could end up costing their business money. The solution was to implement PCI Compliance and regulate their security for possible intrusions.
Another issue we found was that they were paying too much for their phone services. This was an easy fix as we were able to implement a new service provider that charged a lot less. While still providing them with the same service and telephone numbers they currently have. Decreasing their phone bill meant adding more to their profits. This is a great way to cut costs without cutting into your profits!
Other issues that we gathered during our analysis had to do with their day-to-day processes, their access controls and alarm, their copier maintenance agreements, using desktop inkjet printers, and how dated their computer and server equipment was. The list went on and on. For every issue they said they didn’t have, we were able to find better cost-effective solutions. Which meant we increased their profits by decreasing their expenses. Or we tackled issues that we foresaw as a problem that would costs the business money.
Before you say you have no issues and you’re profitable, allow C Three Business Consultants to do a business and technology analysis. You are in business to make money. Let us help you save money so you can become more profitable. Contact C Three Business Consultants today!