From the course: How to Protect Business Profits in a Financial Downturn

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Analyzing your spending

Analyzing your spending

From the course: How to Protect Business Profits in a Financial Downturn

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Analyzing your spending

- The most important thing for a small business owner or leader to do in order to begin thinking about cutting costs is understanding where you're spending your money. Consultants call this spend analysis. And it doesn't need to be terribly complicated, but it should be comprehensive. And by that I mean you need to look at everything you're spending money on. And the minute you start categorizing things and looking at the numbers of where your expenses are. You're probably going to find some pretty glaring examples of where you might be able to save money pretty quickly. Most businesses don't really spend a lot of time looking at their expenses. They're usually a lot more focused on their top line revenue. This is something that some groups, organizations for CEOs and presidents often set as a threshold for membership. And so you have companies striving to hit a million dollars in revenue a year or 10 or 20. But the…

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