Business Collective wanted to know the easiest ways to up the sustainability factor of a business, and my top tip is simple: Stop spending so much money! Take a close look at all your income and where your money goes. If you have a bill that isn’t totally critical to keeping your business afloat, ditch it. By doing this I’ve saved thousands each month, but it’s still a good idea to keep checking in on yourself regularly. It’s way too easy to fall into this nasty habit.
A great tip from a fellow entrepreneur is to remember that not all revenue is equal. Focus on the high margin revenue and you’ll make more money faster. How this is determined depends on your business and revenue sources, so start thinking on a client by client basis.
You can also contract your supply chain for a great way to save money in more ways than one. The fewer permanent employees you have, the less you have to spend on sick leave, retirement plans, healthcare, vacation pay, and so on. Contracting out lets you cherry pick who you want to work with and gives you an easy out clause.
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