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An audit of your business processes each year could save time and will be a valuable exercise for all those вЂon the toolsвЂ™ to provide ideas and feedback on areas of improvement There is plenty of time lost to inefficiencies. Rent out desk space? Sell unused office furniture and equipment?Д§. As job roles evolve and team members are seeking more flexibility, consider how you could use your office space more efficiently. Perform an annual costs review to ensure you are not paying for services that arenвЂ™t being used. Can a full-time role be performed in fewer hours more effectively? There are plenty of parents looking for more flexible hours and productivity could go through the roof and save you thousands per yearД¦. Consider job roles and replace them with part-timers if the job permits.

Drive your car for at least a year after the lease is over $12,000 a yearДҐ. If team members job is to make and receive calls Aldi uses the Telstra network at a fraction of the cost $1,200 a year in savingsД¤. Review your phone plans вЂ“ does everyone need a brand new phone on an unlimited plan? Cancel unused phone lines. Buy the printer outright and manage the consumables yourself a minimum of $3,000 a yearДЈ. Paper files вЂ“ switch to electronic files save $10,000 a year on paper and $5,000 a year on toner.

#1password 7 smart folders not saving titles install#

Bottled water вЂ“ install a filter to save $1,200 a yearДў. Here are 7 simple ways you can increase your profitability:ДЎ. ItвЂ™s the small things that can add significantly to the cost of running a business. I really needed to get down and dirty with the numbers. This analysis of my business meant I could deliver a better service at a lower cost with the capacity to scale further.Д«ecoming intimate with my business financials was a key exercise. The opportunity I saw as a challenge to really analyse my business and strip out unnecessary costs, make my processes more efficient and create a better customer experience and better quality submissions, while further protecting my business from reliance on a single staff member.

I had to make plans so that I felt like I was one step ahead of the pack. As mortgage brokers, we were like sitting ducks.

The new threat was the heavy focus on our commissions and knowing how much banks love profit. Policy changes had always loomed as a threat in my SWOT analysis but I hadnвЂ™t really put too much thought into what needed to change. My business needs to be agile in the coming years. IвЂ™m in the finance industry, so it was triggered by the Royal Commission and the realisation that change is afoot. Well, itвЂ™s been an interesting year, and it was the small things I changed and looking for efficiencies in the business that made the difference. I figured the reason everyone is in business is to make a profit, but it is often treated as leftovers after all expenses have come out.Д«eing the perennial tightwad I know myself to be when it comes to business, people started asking what I did to win an award in profitability. One thing that surprised me was that not everyone was focused on profitability. There are qualities in all of the members that I want to emulate as they each improve themselves and their businesses every year. I recently won an award for Profitability amongst a group of entrepreneurs with #AbundanceGlobal.