Everybody wants to make more money. And since money often equals success for many people, that means we’re always looking for new ways to earn more. For small business owners, this is especially important, since the longer a business stays viable, the longer it can keep the doors open, retain staff and be successful.
But aside from a price hike or a rate increase, are there other ways a small business can increase its profits? There are actually numerous ways—scaling both large and small—that a small business can increase its profits. Whether that profit comes from earning new revenue or freeing up some costs, here are ten of the more simple ways to do so.
1. Go Paperless
Not only does going paperless have the added benefit of being good for the environment, but reducing your business’ reliance on paper makes things cheaper. It’s not necessarily important to cut out paper entirely, but making a more concentrated effort to cut down on the amount of paper you use can help. Cutting down on paper costs also extends to costs associated with paper, including printer toner, maintenance as well as things like binders and storage cabinets.
Tip: If it doesn’t have to be on paper, then don’t put it there. Make sure that all of the necessary documents at your office or facility have been properly backed up and then start emptying file cabinets and prepping documents for recycling or shredding. Once all of those file cabinets are empty, sell them to a second-hand office furniture store and pocket the cash or donate them to a charity or school and use it as a tax write off.
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