Small business owners seeking to reduce costs should first look at their organization’s expenses as listed in the latest profit and loss statement or trial balance. The chances are that costs will be listed alphabetically or in groups depending on some other kind of logic. Use a spreadsheet or the back of an envelope to list them instead in order of dollar amount, with the highest cost at the top of the list.
It is highly likely that the first three costs will be, in order, wages, premises and communication, and cost cutting in these three areas is therefore likely to have the most beneficial impact.
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