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5 Tips for Plugging the Profit Leaks in Your Small Business

5 Tips for Plugging the Profit Leaks in Your Small Business

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



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6 Reasons For Small Business to Downsize

6 Reasons For Small Business to Downsize

Ideally, growth of workforce and resources in a new business should be gradual, in order to ensure minimal management responsibilities and maximum As such, small businesses with bigger workforce and more resources than they can manage effectively without sacrificing other business development issues such as customer outreach and product development; should consider downsizing. Here are 6 reasons for small business to downsize: 1. Economic Issues Occasionally, a small business may be significantly affected by economic issues, which in many cases is out of their control. Economic problems mostly affects both sales and production processes of business, which are the major income drive of any business.

Legal Challenges There are a number of business laws that governs how business should be done either locally or internationally



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