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Running a Tighter Financial Ship for Your Business

July 15, 2015

Business advice for women entrepreneurs and small businesses

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Three pieces of financial advice surfaced this morning after talking to women entrepreneurs the past few days about ways to make their companies more profitable.

The first was from a highly respected female business owner running a multi-million dollar business who shared something small she implemented which produced big financial results, she said, “Discover two or three small repetitive expenses within your business and eradicate or reduce them.” Entrepreneurs tend to focus on revenue generation more than eliminating insignificant expenditures which is part of the corporate financial equation.

The second comment came from a 10 year entrepreneur who decided to eliminate small customer accounts in order to spend more time on larger client projects. The multitude of interactions with customers with smaller accounts was eliminating her profitability. In order to correct the situation, she decided to only sell to and secure a select group of higher paying clients.

The final piece of financial wisdom was from a small business owner who decided she was not interested in adding staff to her company but wanted to make more money. Her solution was to contract herself out as an expert to work on specific projects for other national businesses in her industry.

raisingratesToday be inspired to recognize when you need to make monetary changes as an entrepreneur to become more financially successful. As we lead passionate lives with joy and purpose to help the marketplace and our customers, we can forget to focus on our financials. As evident by the examples above, sometimes it takes a renewed financial focus like decreasing expenses, working on larger accounts or outsourcing your expertise to become more financially sound. There are multitudes of ways to achieve monetary successes in your business so focus on them this week.

Running a tighter entrepreneurial ship doesn’t mean you will lose the joy out of conducting business, instead you will feel proud of the necessary adjustments to become more profitable.

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