✍Cutting cost in business is very essential if you have to make enough profit because every business person wants to make profit no matter how little. Since profit making is one of the things that keeps a business going, guess you don’t want to waste your resources or be in an unprofitable venture. It is also of great importance that whatever that is genuine that will enable you make enough profit, put a smile on your face and also reward your efforts is something you should consider.
✍✍There are so many things that tampers with your profit in business such as cost of materials of products or cost of services offered, the cost of running the business, price, quality, location, poor planning process, poor decision making etc.
💁🏼♀️If you will like to achieve good profit in business, you must cut down various costs that can be an hindrance to profit making in your business.
👉Considering the cost of materials of products/services, you need to look for a way to get it at a cheaper rate.
✍For example, let me use foodstuffs business as a case study here. You can start your foodstuff business with the meagre amount of money you have no doubt I have always been a strong advocate of this that you can start a business with the little capital you have and that has been the testimony of Ck Signatures Ltd. for all the products we have created so far.
💁🏼♀️You can get a copy of my book on “HOW TO START AND GROW A WORK FROM HOME BUSINESS” an actionable book that has my wealth of experience in business which can help you navigate your way/path in business. Pleaae if interested, send me a message.
✍Back to the example of foodstuffs, as a result of the little capital you started with you can buy in paint rubber(Naija’s form of measurement) and you also need to plan towards buying in bags so as to save cost. The price for bags differs from that of a paint rubber, so also their profit margin.
✍Even if you start with a little capital that can not buy bag(s) now, all you need to do is gather people of like minds who are into the same products you sell, create a group where everyone of you will contribute together that little money which will enable you all to buy in bags and share among each other, hereby saving costs.
👌One of the ways you can cut down costs to make good profit in business is bulk purchase.
👉👉Another thing to consider is the cost of running your business if you want to cut down costs. It could be the office space, staffs, machineries etc.
✍You can start your business from the comfort of your home which is the model I used to start my business. Covid-19 was a great eye opener which changed the way most business owners run their businesses in terms of cost. Most business owners saw that they could cut down costs to save money where necessary and also to maximise their profit.
✍If your business is big and it is not something you can run from home you need to rent an office space, you can consider OFFICE SHARING or make good money with any free space in your office to pay the bill’s which helps you cut down costs.
💁🏼♀️Some years ago, I worked in a school here in Lagos. The school was using a rented place which has an open land inside the rented space which was gated. The school owner simply used the open space for events like birthdays, weddings etc. She also has canopy, chairs and other things for rentals for anyone using the space. I so much love this school owner’s initiative because she was making money from the free space which enabled her to cut the cost of the rent of the school.
💁🏼♀️I urge you to look at your business today and do a thorough evaluation of how and where you can cut cost to maximise your profit.
😁Hope this was helpful.
👏🏽👏🏽Please share your thoughts on this and other ways we can cut down costs in business.
Thanks.
Oluwakemi Asefeso
(C)2021
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Oluwakemi Asefeso 