As Warren Buffet once famously stated, “Do not save what is left after spending, but spend what is left after saving.” This timeless advice applies as much to a business as it does for the individual investor. Businesses often look to see where they can cut costs after much of their revenue has already been
Quite often, the things we need to do to save time, make life easier, or save money are the things we wait the longest to actually do. Why is that? Small to medium sized business owners are plagued every day, via every media source with offers to save money. Some are real, some are not.
A common business principle is that almost every business has waste. Put another way, businesses have added expenses that are unnecessary and make the entire enterprise less efficient. Some of these expenses may be big expense wastes, but more often, they are smaller issues. After all, that is why these missed opportunities to save money
While most of the Falling in Love with Finance series is about fiscal management, today I want to address how SMB’s can reduce their operation costs with very little effort. If done properly, small businesses can add profits to their bottom line that are meaningful and sustainable without hiring an operations manager (or if you