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What's wrong with your business finances?How many expenses does your business currently have? Are you generating enough revenue to pay for your expenses? Sadly about half of all businesses do not generate enough revenue to pay for their expenses so they end up turning to credit cards and other loans to try and close the financial gap. Turning to credit is never a good option as it comes with high interest rates and you will end up paying interest on things that you should be able to easily afford such as your electric bill, rent, and other simple expenses.
What is wrong with your business finances and why aren't you making what you should? There could be a number of red flags that you need to uncover to see why your revenue stream is not working the way it should be. The truth is your business IS profitable. There is evidence in that because you are still in operation, at least for now. The problem is that your costs are exceeding your revenue so instead of thinking "I need to make more money" you need to be thinking "I need to be spending less." The one expense you cannot afford to cut it salaries. Some companies always turn to reducing salaries because it's a quick way to free up a good $30K a year or more. The problem is when you let go of talent, you other employees will be forced to pick up the extra work, without extra pay. Try to avoid letting go of employees if it is possible because there are so many other things you can do to limit your spending to allow your revenue stream to play catch-up. Office Supplies Vendors Insurance Product Pricing |
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