The Dos and Don’ts of Streamlining Your Budget
In a recent article on Entrepreneur.com, C.J. Price examines “Smart Moves in a Bad Economy,” suggesting expenses small businesses should cut and others they should avoid. In this article we examine four of Price’s suggestions and add one of our own.
1. Do eliminate high-maintenance clients.
Some clients cost you more in time than they are worth. Take a good look at your client roster and see if you have high-maintenance clients that suck more from your business than they return in fees. Of course, in the current economy, beggars can’t be choosers. So you should only consider “firing” significantly costly clients that can be emotionally, mentally, and financially draining.
2. Don’t eliminate good employees.
Most small businesses are examining their staff to see who they might be able to eliminate in order to save some money. Many, in their panic, layoff valuable employees who bring money into the business. Don’t make that same mistake. Only fire those who underperform and don’t significantly contribute to your business’s profitability.
3. Do streamline your technical budget.
Many businesses, especially those in the service industry, put their hard-earned money on high-end technical equipment. Luckily, an accounting firm doesn’t require high-end equipment. If you find yourself in a pinch, scale back on your computer equipment and unnecessary software. Instead of buying the latest and greatest laptop, consider purchasing the floor model to enjoy significant savings. You can also save lots of money in buying used equipment.
4. Don’t overcut your marketing budget.
While you can cut back on your marketing budget, you should remember that no marketing means no growth, and in this economy you can’t afford not to grow. Leave enough money in your marketing budget to adequately promote your services.
5. Do add low-cost complementary services.
It never hurts to make more money by adding complementary services to your menu. And when you select a low-cost service, all the better. Consider purchasing Universal Accounting Center’s QuickBooks Made Profitable (QBMP). For next to nothing you can use your QuickBooks expertise to attract more clients and increase your bottom line!
80% of small businesses use Intuit’s QuickBooks software. Once you complete QuickBooks Made Profitable, you will be able to use our proven system to attract more clients with your QuickBooks expertise. Not only that, but when you add QuickBooks setup, help and consultation services to your menu, you enhance your financial service offerings and widen your customer appeal.
Take advantage of this marvelous opportunity to increase your bottom line. Order now!
Now may be the time to significantly cut business costs. But in your haste to save your business, you must avoid cutting that which is important. Be cautious and thoughtful as you move forward!ResourcesPrice, C.J. “Smart Moves in a Bad Economy.” Dec. 2008 Entrepreneur.com
