The final way to grow your business is to reduce your overheads. These are your fixed costs, e.g. phone, power, interest.
How often do you review your overheads? It should be done annually. Go through your annual financial statements or your Xero reports.
Overhead reduction strategies:
-List all APs and review them annually
-Better terms
-Phone
-Power
-Bank interest
-Computer support
While we’re on this subject, let’s talk about accounting fees! We’re telling you to reduce your costs, so if you think we are a cost, then you should cut us now.
But if you want to work with us as a strategic partner in your business then you need us now more than ever. Think of us as an investment rather than a cost. Our goal is to save you more in tax, or help you grow your business way more than any extra you may pay in accounting fees.
