Updated: Mar 20, 2020
The first step is to know your costs. You probably know some big ones. Rent, utilities, etc. Do you know what you spend on labor per hour on average? How about the cost per page to print a document?
Financial stability is key for a small business. And the secret is fairly simple. Spend less than you make.
That may seem like a daunting task, but it really is that simple. Can you increase revenues? Can you cut expenses? This takes some strategic thinking. Know what adds value, and be willing to cut what doesn't add value.