How to Manage Your Business Expenses

[Golden9]

To break even and make profits in business, your revenue needs to be equal to, or more than your expenses.

This may not be the case though and have a business that is struggling. How will you ensure that you create a balance between the expenses and the revenue generated?

 

[Suba]

Cost management will depend on the size of the business, but in theory you can set target costs, spending on time. besides that you also have to make sure you have made financial statements, made budgets and standard costs, for large companies you can also apply responsibility accounting. Meanwhile, if you want to calculate Break Even where you have neither profit nor loss, then you have to classify costs according to activities so that there will be two, variable costs and fixed costs.

 

[Hate2Wait]

You cannot achieve everything in a short time and to achieve break even is the most important situation because only after that you will start earning profit and in order to manage our expenses we need to spend in a budgeted manner and have everything planned

 

[Shavkat]

Close monitoring to prevent from having this constraint. As an owner, we need to be familiar with the financial part of the business.

 

[Hate2Wait]

They need to have a budget for all departments and should apply it strictly and this is the only way they can manage cost in the business.

 

[flower]

Managing the business expenses is very crucial and one of the most important thing that you must ensure so that the wouldn't go bankrupt.

 

[eldavis]

The best way to manage your expenses is by knowing your needs form your wants. As a business owner you should know what the business really needs at that point in time. There are some people that would spend much on renovation when the office does not even need that at the moment.

 

[Reedex]

Managing the business expenses is an attribute that must be developed by business managers.

 

[Springtime]

You have to prepare a budget to ensure your expenditure is under control. To generate sales, you need to come up with an effective sales and marketing strategy. Review your sales performance and your financial situation regularly to see if adjustments need to be made.

 

[Bisolami]

To break even and make profits in business, your revenue needs to be equal to, or more than your expenses.

This may not be the case though and have a business that is struggling. How will you ensure that you create a balance between the expenses and the revenue generated?

You should make sure that you buy good products at cheap price. The major thing is for the product to be good.

 

[Reedex]

You should make sure that you buy good products at cheap price. The major thing is for the product to be good.

Buying good product at cheap price requires a lot of research and hard work.

 

[Bisolami]

Buying good product at cheap price requires a lot of research and hard work.

It may be hard to get quality goods at cheaper rates but there are ways to get them from reliable suppliers

 

[cherry123]

You can start by monitoring how you spend money to prevent from spending too much or over spending. You have to restrict or constraint yourself from buying unnecessary things in the business

 

[Heatman]

To break even and make profits in business, your revenue needs to be equal to, or more than your expenses.

This may not be the case though and have a business that is struggling. How will you ensure that you create a balance between the expenses and the revenue generated?

Just try as much as possible not to be getting yourself into unnecessary expenses because it is going to affect your business negatively.

 

[jetsaints30]

You can also negotiate with vendors and suppliers for better prices and consider cost saving measures such as outsourcing or using technology to streamline processes.

 

[Bisolami]

You can start by monitoring how you spend money to prevent from spending too much or over spending. You have to restrict or constraint yourself from buying unnecessary things in the business

I used to spend so much money before but I no longer do that now because I am saving so much money

 

[cherry123]

This is what businesses should avoid doing they need to spend less money now . The best bet is to start saving so much money to help the company from failure

 

[Bisolami]

This is what businesses should avoid doing they need to spend less money now . The best bet is to start saving so much money to help the company from failure

They truly need to spend less money. They need to learn how to manage the amount of money that they have

 

[IB D]

The approach is to ensure you reduce the expenses you incur as a business. It might mean you need to invest in some equipment so that you won't have to be paying for those services. Like owning a copier machine and a printing machine would save you cost of printing and photocopying.

 

[astutimeliana723]

They need to have a budget for all departments and should apply it strictly and this is the only way they can manage cost in the business.

Yes, that's right, I totally agree with you. We need to set a budget, if there are expenses that are far above the budget then they must be evaluated. Example: The cost of electricity that is too expensive, can be reduced by saving on the use of lights during the day.