Reduce expenses to increase profit from "summary" of Profit First by Mike Michalowicz
To increase profit, you must reduce expenses. It's a simple concept but one that many entrepreneurs struggle to implement. The idea is to cut costs in order to improve your bottom line. By doing so, you'll be able to keep more of the money that you bring in.
Reducing expenses doesn't mean cutting corners or sacrificing quality. It means taking a close look at your spending and identifying areas where you can save money. This might involve renegotiating contracts with suppliers, finding more cost-effective ways to operate, or eliminating unnecessary expenses altogether.
When you reduce expenses, yo...
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