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How to cut costs and improve your bottom line
You may also be able to move your business to a more cost effective location in order to cut costs and improve your bottom line. Look for locations that will bring you the same amount of business or maybe more business but with a lower rent payment. Your original location may not be working for you business as well as it once did because of changes in the roads or the moving of bigger businesses. Send out invoices for your services or products immediately once the goods leave the premises. Offer your customers an early payment discount in order to improve your cash flow and in effect your bottom line. Sending out reminders to your customers once your payment is due can also help you to improve your bottom line. Getting paid as soon as you can for services rendered will not only help you to cut costs but also to improve your bottom line. You can also look at sending out your invoices electronically instead of by paper in order to cut more costs incurred by your business. Another way to cut costs and improve your bottom line is to evaluate every device in your business that uses any type of energy. Look at using energy efficient light bulbs or turning off the lights altogether during daylight hours. Sensor lights work really well to turn on when the light is needed for customers so they don't have to shop in the dark. If you have older radiators or fridges you may be better off by replacing them to save on your energy bill. Cutting your energy costs can improve your bottom line by giving you more money in your business pockets. Company vehicles and their yearly maintenance costs can hurt your bottom line. You can solve this problem by getting rid of some of the company vehicles or downsizing to a smaller vehicle. Smaller or less vehicles will need fewer taxes to register for the year so cutting these costs will help improve your bottom line. Look at whether or not you or your employees need to be driving so much and cut out some of those trips also to cut out gas costs.
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