Do's & Don'ts of Cutting Cost

Welcome back to another episode of Fish Food, the podcast for entrepreneurs building companies that grow into thriving businesses. We aim to provide accounting/business tips in 20 minutes or less! Managing your expenses is a major part of life as an entrepreneur. Since you are the boss, the bottom line falls on you. Every financial decision you make plays a huge part in staying afloat. Understanding how to handle your revenue and expenses can make or break your business. Part of this involves cutting costs.Cutting costs may not be the most popular thing to consider when managing your business, but it’s necessary. Knowing where every dollar is going, whether it be on supplies, marketing, or staffing, adds up. Thus, keeping a close eye on what’s going out is just as important as what’s coming in.Today, we will dive into the right way to manage and cut expenses. We discuss the need to remove personal expenses from your budget, the differences between various expenses and costs, and how to manage staffing needs with an eye toward the balance sheet.  This is a must-listen for anyone who is auditing their business's finances. Great tips on how to get started! Thanks for listening! Looking for tips, insights, and support with all your accounting needs? Then head over to the Little Fish Resource Library! If you're ready to outsource your Accounting and/or Tax prep needs go to www.littlefishaccounting.comPast Episodes: Build: Moving Beyond DIY AccountingFind us online:Instagram:www.instagram.com/littlefishaccountingFacebook: www.facebook.com/littlefishacctgConnect with Keila!LinkedInwww.krht.co