The new year is just around the corner – with any luck, you already have a business plan in place for 2019, and are planning to make it your best revenue year yet. But it’s easy to focus on where you’re earning and lose track of where and how much you’re spending to make that money. To make 2019 even more profitable, here are three ways to cut costs in the new year to increase profit.
Look At Your Subscriptions And Vendors
Any business needs the help of tech to run smoothly. From your website to any marketing software you may be using, to your coaching tools, to partner vendors, and so much more. And when you’re busy, it can be easy to just “say yes” to a solution that is promised to help save you time and money. But the end of the year is a great time to reevaluate where you’re spending money. Do you have any recurring monthly subscriptions that you’re not fully using anymore? Is there a software that you used to use, but you upgraded to a different version and forgot to cancel your original subscription? Take a hard look at your monthly bill and see where you can cut costs. Chances are, you’ll be able to strike or at least reduce two line items from this reevaluation alone.
Evaluate Your Ads
With any coaching business, one of your best strategies for generating new leads is to be running ads to a lead magnet to build your list. But depending on what platform you’re using to manage your ads, or if you’re using the help of a vendor to run your campaigns, you can easily look track of how many campaigns you have running, which ones are profitable, which ones are too expensive, and more.
Use the end of the year as a time to really take a deep dive into your ads strategy. Take a close look at the cost per lead and your overall return-on-investment (ROI) for each ad. Which ones can you cut? Streamlining your spend and making sure your dollars are working for you is a great way to make sure you’re maximizing ad efforts.
Look At Your Office
Where you work in an office or you work from home, there’s probably an area or room that you gravitate to do your work. So, another great place to look to see if and where you can cut costs and increase profits is your actual office space. Specifically your use of energy and electricity.
In an office, certain small energy-saving habits can go a long way, like turning off the lights when you leave meeting rooms, and powering down your computer and workstation before you go home for the weekend. You can apply these save energy-habits in a home office as well, or it may be more beneficial to reevaluate your overall electricity bill and how much you’re spending each month by consulting some experts like Electricity Monster. They’ll be able to give you some alternatives for electricity and natural gas plans that can help you save money each month and ultimately contribute to your bottom line.
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