If you are one of those people who are doing business without an adequate turn over each year to call your business profitable, there are few possible reasons. You can read the article and check for yourself if any of the following scenario is happening; if you are not sure, if is not too late to start check unless your company is in the troubled water so deep that you can not come shore with the business again. That time you have no other way out than to liquidate excess inventory.
Some one is being greedyYou might feel uncomfortable about this idea. If you are doing a small business with people, you know and you are the sole investor and all others are working partners. You would feel uncomfortable talking about it. But if you want to stay afloat and built back your business; you should start looking for the rat which is making a hole in your income.
You are spending moreThis certainly does not mean – you are spending lavishly or you are spendthrift. You are just overlooking many small things which can be the route for people to loot you. You should see to that you reduce overhead cost.
Hire an accountant This might seem hypothetical but hire an accountant for your business. Though they ask for a huge amount of money as fees; no one can loot from you. The other good news about hiring these accountants are you can’t file your taxes on time; which means no need to pay money for late filing. Apart from this if they make mistake even by an error, the firm will compensate you. Therefore; hiring an accountant is one of the best steps to check that your gain will be in your bank at the end of all the struggle.
Find your perfect denMost of us spend lot of time in office or in our business place than our home. It is like the lions find their dens, you should find your cave. When lions find their den, they will make sure it of some criteria. Similarly; you should also find a place which will boost your business image. But this does not mean to spend lavishly on a building space which you won’t have any need for. Please also refer to how to improve cash flow in small business
Hiring an employeeWhen you are hiring an employee; do not be centred on just one ability. If you are looking for a personal assistant but if the person has an HR degree with it; hire them. You can use them as a public resource manager too. Similarly; when you are hiring employee, high people whom you can yield maximum benefit from. This is not using them; this is you being brainy enough to take an opportunity given to you. When are doing business remember; every penny counts and every small detail is important.