Is it Time To Review Your Expenses?
It may sound cliche but I always recommend reviewing expenses regularly (at least once a year) to find ways to creatively cut costs, such as the timing of purchases, or re-negotiating vendor pricing. A thorough review of your expenses will help you to see where you can stop the bleeding, or where you have a little wiggle room, without compromising the quality of your product or service.
Golden Corral saved $1000 per week in labor costs without cutting any staff! Rather than raise prices to survive inflation, they hired a specialist to analyze all of their expenses, down to the recipes. The information provided to them helped them to make certain choices that helped to improve their bottom line.
We often go along paying bills month after month, year after year, without stopping to take a look at what we’re actually paying, nor are we looking into all options that may be available to us. Taking the time to review your expenses on a regular basis can possibly turn into savings in the long run.
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