Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.
Every year around this time, people begin to make personal resolutions but have you thought about resolutions for your business?
Take the time to analyze your expenses.
Profits generally increase though increased sales, decreased expenses or increased profit margins.
Review the detail of the company’s expenses and consider which costs might be reduced. During this process, evaluate your current vendors.
Does your business rely too much on certain vendors? Are there new, reliable vendors that could provide your company with the same or higher quality products and supplies at a more competitive cost?
Strategic thinking requires management to envision an ideal business outcome, work backward to determine the steps required and then develop a plan to get there.