Episode 12 | Efficient Expenses
from My Biz Coaches Hosted by Eric Whitmoyer | CEO, My Biz Coaches
In this episode, Eric and David discuss basic concepts for small business finance management. Key points include: Closely monitor variable expenses. Keep your expenses in-line with growth (% of sales, etc.). Tightly control inventory and asset management. Automate and digitize to reduce growth related expenses. Regularly re-negotiate terms with suppliers (or lineup alternate suppliers). Regularly evaluate fixed costs. Look for opportunities to reward your team. Action items include: Determine what KPI’s your business will use to gauge expense efficiency. Benchmark your expense management against similar businesses. Leverage digital tools to streamline expense and inventory management. Setup a regular rhythm for evaluating variable and fixed costs.. Connect with us: The Biz Coach Show Watch Listen Connect | My Biz Coaches https://mybizcoaches.com/ YouTube: https://www.youtube.com/channel/UCM_6O6WbWOcvYS24LZKYjog Instagram: https://www.instagram.com/mybizcoaches/ Facebook: https://www.facebook.com/MyBizCoaches LinkedIn: https://www.linkedin.com/company/my-biz-coaches/ Twitter: https://twitter.com/bizcoaches Connect | TLG Group https://www.trainleadgrow.com/ YouTube: https://www.youtube.com/channel/UCOVRHIGecZqsSY3AOICcWZQ Instagram: https://www.instagram.com/trainleadgrow/ Facebook: https://www.facebook.com/trainleadgrow LinkedIn: https://www.linkedin.com/company/train-lead-grow Twitter: https://twitter.com/trainleadgrow Tik Tok: https://www.tiktok.com/@trainleadgrow Snapchat: https://www.snapchat.com/add/trainleadgrow
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