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You need to be creative about costs and find ways to keep them down. It's an obvious mathematical equation. If you lower expenses, you'll end up with more profit. Renegotiate all contracts with your business annually. You don't want to lock into too many multi-year contracts. You want to be able to create bidding wars or have conversations with suppliers about changing costs and performance. Buy overstocked products. You can get them very cheaply and test out new product lines that way. Monitor and study all office costs, such as printing and phone bills. Find energy-efficient ways to lower utility costs, such as controlling thermostat levels. Be tough. Study all of your costs and brainstorm ways to lower them. Do you need all of the employees you have, for example? Are you spending money on marketing techniques that bring in no customers? Could you get cheaper rent elsewhere? Track your expenses. You want to make sure you aren't too optimistic in your projections. It's always safer to spend less than you expected. If you don't have a clear understanding of what you're spending, you won't be able to reduce costs. To determine your profit margin, figure out how much money you earned per transaction. If the sale price was $100 and your profit was $25, then your profit margin is 25 percent. You can use online calculators to calculate profit margin. In a profit margin formula, the gross profit represents the difference between the cost of the product and the selling price (which is revenue you bring in). Try to slowly build up some cash reserves so you can make it through lean times when your profit margin isn't what you expect. You should have enough money to cover operating expenses for several months when you first open your business. Expect to not turn a profit right away. It can be risky to start your business entirely on loans that you expect to pay back with future profits. Invest as much of your own money in your business as you possibly can. Consider seeking a partner or investor who can share some of the risks. It goes without saying, but hiring dependable employees is probably the most important thing you will do. Understand and be able to define your company culture, so you can hire people who will work well within it. Carefully check references of all applicants. When you start your company, you should spend a lot of time recruiting the right talent. Look for team players. Look for commitment. You want employees who will stick around. High turnover is not good for any company. Before hiring an employee, you want to sketch out every aspect of the job. What duties will be performed? What skills are needed? What outcomes are you seeking? Then, you should write a short job description that briefly incorporates all those points and that you can use to attract the right workers. Be clear up front about expectations for things such as hours and duties. Determine up front which skills you consider must haves and which are optional. Although CEOs can't micromanage everything, hiring is one aspect that they should be closely involved in. Some companies hire independent contractors. This means that the employee is not full-time or on staff. Make sure you follow all IRS rules for independent contractors. Most of us have experienced a negative work environment. Poor work climate is a drain on productivity and that's bad for your bottom line. Making your employees feel like they matter will help your business succeed. Be flexible about such things as family issues or emergencies. It will go a long way if you understand when an employee really needs time off. Pay employees decently. If they feel terribly poorly compensated, they will be unhappy, and it will start to show. Make the compensation plan clear up front, but make it fair. Surprising your employees with small things, like a gift for secretary's day or an unexpected day off, really matters. They'll work harder for you.
Lower costs. Determine your profit margin. Don't rely too much on loans. Choose people who fit your company's culture. Perform a job analysis. Make your employees feel valued.