One thing that can ruin the profit margins of your business is profit leaks. Here are 5 tips for plugging the profit leaks in your small business. 1. Not Reviewing Your Business's Financial Records Regularly A major profit leak for your small business is assuming that the financial side of the business will be just fine even when you don't know where your financial records are, let alone reviewing them. To seal this profit leak, you must keep all your financial records up to date. For most small businesses, weekly, bi-weekly or monthly reviewing works just great. 2. Failure to Budget for Your Business A business budget is written a plan that outlines the income and expenditures of your business over a given time span, mostly one year.
Trying to do everything on Your Own/ Hiring the Wrong Team Most small business entrepreneurs fall into the trap of failing to outsource or hiring wrong team members