How to reduce business expenses?

[cherry123]

One thing that reduces the income of a business is it expenses and bills. To avoid the business expenditure exceeding the business income the expenditure of the business must be reduced drastically so how can this expenditures be reduced?

 

[Bisolami]

One thing that reduces the income of a business is it expenses and bills. To avoid the business expenditure exceeding the business income the expenditure of the business must be reduced drastically so how can this expenditures be reduced?

By know how to manage your products well so as to reduce expenses.

 

[cherry123]

By know how to manage your products well so as to reduce expenses.

Maybe selling for a good price to increase income so that it exceeds expenses.

 

[Bisolami]

Maybe selling for a good price to increase income so that it exceeds expenses.

That's a good one too. Business owners needs to learn from this.

 

[cherry123]

That's a good one too. Business owners needs to learn from this.

Yeah this is like the first way to prevent any failure. Just make sure you are making money daily.

 

[Bisolami]

Yeah this is like the first way to prevent any failure. Just make sure you are making money daily.

Money is the important thing ooh. Whatever happens in a day, just make sure that you make money before the end of that day

 

[Citrus]

Knowing the right manufacturers helps you save tons in the long run

 

[Bisolami]

Knowing the right manufacturers helps you save tons in the long run

That's true. Some people don't know the right manufacturers and at the end of the day, they will buy at expensive price.

 

[eldavis]

The best way to do this is simply to reduce cost. Hire only does needed for the business, no need hiring unnecessary staffs. Opt for energy saving light bulbs, the staff should always mind how they handle the equipments within the office.

 

[Reedex]

It is very wonderful to reduce business expenses because it is one of the ways that which you can manage your business very well.

 

[Shavkat]

There is nothing wrong to do cost-cutting in every company. It is far better than doing lay off of employees.

 

[Bisolami]

It is very wonderful to reduce business expenses because it is one of the ways that which you can manage your business very well.

And another thing to be able to reduce business expensive because some people to do it and that is why some companies have financial advisors.

 

[Sanjeev]

It can be done by reducing the cost of the process by eliminating /reducing the wastage. Also one needs to ensure to avoid wastage of electricity and water and other resources.

 

[Bisolami]

It can be done by reducing the cost of the process by eliminating /reducing the wastage. Also one needs to ensure to avoid wastage of electricity and water and other resources.

A lot of people waste Electricity by oning electric equipment unnecessarily inside the house or at work but I think they have forgotten that everything reads on the metre. We need to learn how to manage it

 

[Sanjeev]

There are other ways of cutting costs too in industries. Like the ways to be found to enhance the efficiency of machines and workers. Rates should be negotiated from the suppliers.

 

[Bisolami]

There are other ways of cutting costs too in industries. Like the ways to be found to enhance the efficiency of machines and workers. Rates should be negotiated from the suppliers.

That is true
What if I tell you that negotiation is a skill? Would you believe that? It is very important to know how to negotiate with your business partners

 

[Sanjeev]

I agree it's a skill that's the reason people appoint skilled and experienced people in the purchase department as they play the most important role in cutting cost.

 

[Bisolami]

I agree it's a skill that's the reason people appoint skilled and experienced people in the purchase department as they play the most important role in cutting cost.

It is very important for people to know how to cut cost because if you do not know how to cut cost they will continue to spend money on necessary and even pay double money

 

[Magnus2022]

The easy way to reduce expenditure is to stop unnecessary expenses like regulate energy consumption, buying lunch, transportation expenses. I trek to my shop everyday though the distance is not all that much. I make sure I turn off the light once am not around. Thirdly, I take my lunch to my shop. By these exercise, icreduce cost drastically.

 

[Suba]

There are many ways to reduce your business costs, first you have to evaluate your expenses, get rid of expenses that are less useful, reduce production costs, on factory overhead costs you can use old equipment parts instead of buying new ones etc.