Control expenses to boost profit from "summary" of Profit First by Mike Michalowicz
Controlling expenses is a critical component of making your business profitable. By keeping a close eye on your expenses and minimizing unnecessary costs, you can increase your profit margin. This means being mindful of every dollar that goes out of your business and questioning whether each expense is truly necessary.
One way to control expenses is to regularly review your financial statements and identify areas where you can cut back. Look for any recurring expenses that may no longer be serving your business or find ways to reduce costs without sacrificing quality. This could involve renegotiating contracts with suppliers, finding more cost-effective alternatives, or simply eliminating expenses t...
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